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Wuling Power to issue RMB 500 mln bills

Apr. 20, 2012 (China Knowledge) - Wuling Power Corp, an electricity supplier based in Changsha, Hunan Province, has said it will issue RMB 500 million worth of 365-day unsecured bills on the interbank market on Apr. 25.

Coupon rate will be determined in the process of bookbuilding. Both value date and payment due date wis set on Apr. 26, and the to-be-issued bills tradable on Apr. 27.

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 bills AA and A-1, respectively.

China Construction Bank<601939><0939> has been assigned as the lead underwriter and bookrunner.

This will be the issuer's first short-term bill this year.

As of to date, the issuer has RMB 1 billion in long-term bonds.

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