Apr. 10, 2012 (China Knowledge) - China Three Gorges Corp, a state-owned hydropower enterprise, said yesterday that it plans to issue RMB 10 billion worth of 365-day unsecured bills on the interbank market on Apr. 12.
Coupon rate will be determined in the process of book-building and the bills will be issued at face value. Both value date and payment due date is on Apr. 13, and the to-be-issued bills tradable on Apr. 16.
China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AAA and A-1, respectively.
Industrial and Commercial Bank of China<601398
> has been hired as lead underwriter for the offering, and China Minsheng Banking Corp Ltd<600016
> will be joint lead underwriter.
The group plans to use RMB 8 billion of the proceeds to repay bank loans and the remaining RMB 2 billion to replenish its working capital.