May. 4, 2012 (China Knowledge) – CPI Mengdong Energy Group Co Ltd, a subsidiary of China Power Investment Corporation, announced that it will issue RMB 500 million in unsecured bills with a maturity of 365 days on the interbank market on May 11, sources reported.
The company said that the bills will be issued at the face value, and the coupon rate will be determined in the process of bookbuilding.
Both value date and payment due date will be May 14, and the to-be-issued bills are tradable on May 15.
RMB 150 million of the proceeds from the issue will be used to repay bank loans and the remaining RMB 350 million will be used to replenish working capital.
Dagong Global Credit Rating Co Ltd has rated the issuer and bills AA+ and A-1, respectively.
China Construction Bank Co<601939
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This will be the issuer's first short-term bill this year, sources reported.