Mar. 13, 2012 (China Knowledge) - China Huaneng Group, the country's top power producer and the parent company of Huaneng Power International Inc<600011
>, announced today that it plans to issue RMB 4 billion worth of 365-day unsecured bills on the interbank market on Mar. 20.
Coupon rate will be determined in the process of book-building and the bills be issued at face value. Both value date and payment due date is Mar. 21, and the to-be-issued bills tradable on Mar. 22.
Proceeds from the issue will be used to repay bank loans and replenish the group's working capital, said the issuer.
China Lianhe Credit Rating Co Ltd has rated the issuer and bills AAA and A-1, respectively.
Bank of China Ltd<601988
> has been assigned as the lead underwriter and bookrunner for the offering.
This will be the issuer's first short-term bill this year.