Jun. 13, 2012 (China Knowledge) – China Three Gorges Corp, a state-owned hydropower enterprise, said yesterday that it plans to issue RMB 4 billion in bills with a maturity of 365 days on the interbank market on Jun 19.
The company said in a statement that the bills will be issued at the face value, and the coupon rate will be determined in the process of book-building.
Both value date and payment due date is Jun 20, and the to-be-issued bills are tradable on Jun 21.
The issuer said the RMB 3 billion of the proceeds will be used to repay bank loans and the remaining RMB 1 billion will be used to replenish working capital.
China Chengxin International Credit Rating Co Ltd has rated the issuer and the bills AAA and A-1, respectively.
Industrial and Commercial Bank of China or ICBC<601398
> has been assigned as the lead underwriter and bookrunner. China Merchants Bank<600036
> will be the joint lead underwriter for the offering.
This will be the issuer's second short-term bill this year, sources reported.