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Gansu Province Electric Power to issue RMB 1.4 bln MTN

Apr. 20, 2012 (China Knowledge) - Gansu Province Electric Power Investment Group Corp, a state-owned electricity supplier based in Gansu Province, has announced plans to issue RMB 1.4 billion medium term notes with a maturity of seven years on the interbank market on Apr. 24.

Coupon rate will be determined in the process of bookbuilding. Both value date and payment due date is set on Apr. 26, and the to-be-issued notes tradable on Apr. 27. The issuer has option to redeem the notes at the fifth year.

Proceeds from the issue will be used to repay bank loans and replenish working capital, said the issuer.

Dagong Global Credit Rating Co Ltd has rated the issuer and notes AA+ and AA+, respectively.

China Zheshang Bank Co has been assigned as the lead underwriter and bookrunner.

This will be the issuer's first medium-term note this year.

As of to date, the issuer has RMB 1.5 billion medium-term notes and RMB 800 million short-term bills, sources reported.

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