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Zhejiang Provincial Energy to issue RMB 2 bln bills

Apr. 24, 2012 (China Knowledge) - Zhejiang Provincial Energy Group Co Ltd, a state-owned company based in Hangzhou, Zhejiang Province, has said it will issue RMB 2 billion worth of 365-day unsecured bills on the interbank market on Apr. 26.

Coupon rate will be determined in the process of bookbuilding. Both value date and payment due date is set on Apr. 27, and the to-be-issued bills tradable on Apr. 28.  

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 and bills AAA and A-1, respectively.

China Everbright Bank Co Ltd<601818> and China CITIC Bank Co Ltd<601998><0998> have been assigned as the lead underwriter and bookrunner.

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

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