May. 10, 2012 (China Knowledge) – China Guodian Corp, the parent company of GD Power Development Co<600795
>, announced that it will issue RMB 8.9 billion in unsecured bills with a maturity of 365 days on the interbank market on May 15.
According to a statement, 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 is set on May 16, and the to-be-issued bills are tradable May 17.
Proceeds from the issue will be used to repay bank loans, said the issuer.
Dagong Global Credit Rating Co Ltd has rated the issuer and bills AAA and A-1, respectively.
Industrial and Commercial Bank of China or ICBC<601398
>, has been assigned as the lead underwriter and bookrunner, and China Construction Bank Co<601939
> as joint lead underwriter.
This will be the issuer's first short-term bill this year.