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GD Power Dev to issue RMB 20-bln super short-term notes

May. 2, 2012 (China Knowledge) - GD Power Development Co<600795>, a subsidiary of state-owned China Guodian Corp, had announced it will issue not more than RMB 20 billion worth of super short-term notes on the interbank market.

In a statement filed with the Shanghai Stock Exchange, the company said it intends to issue the notes via several tranches with a maximum maturity not exceeding 270 days, adding that the first tranche of notes are valued at RMB 3 billion and RMB 5 billion.

No more details about the issues have been disclosed.

Earlier this month, the firm's board of directors agreed to issue not more than RMB 8 billion of corporate bonds to replenish working capital and repay bank loans.

In the first quarter of 2012, GD Power Development reaped RMB 294 million in net profit, down 42.4% from a year earlier, but its operating revenue increased 11.5% year on year to RMB 12.86 billion.

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