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GCL-Poly Energy to issue RMB 600 mln MTN

May. 3, 2012 (China Knowledge) - GCL-Poly Energy Holdings Ltd<3800>, a foreign-owned independent cogeneration plant operator in China, has announced plans to issue RMB 600 million worth of notes with a maturity of three years on the interbank market on May 8, sources reported.

Coupon rate will be determined in the process of bookbuilding. Both value date and payment due date is set on May 10, and the to-be-issued notes tradable May 11.

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 notes AA and AA, respectively.

Bank of China<601988><3988> and China CITIC Bank Corp<601998><0998> have been assigned as the joint lead underwriters.

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

As of to date, the issuer, along its subsidiaries, has RMB 400 million in bonds.

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