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China Power Inv't to issue RMB 4 bln bills

Apr. 23, 2012 (China Knowledge) - China Power Investment Corp, parent co of Hong Kong-listed China Power International Development Ltd<2380>, has announced plans to issue RMB 4 billion worth of 180-day unsecured bills 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. 25, and the to-be-issued bills tradable on Apr. 26.

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

China Chengxin International Credit Rating Co Ltd has rated the issuer AAA.

China Everbright Bank Co Ltd<601818> has been assigned as the lead underwriters and bookrunner. China Construction Bank<601939><0939> will be the joint lead underwriter.

This will be the issuer's first super short-term bill this year, sources reported.

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