Jun. 19, 2012 (China Knowledge) - Huadian Power International Corp<600027
>, China's largest independent power producer, has announced that it plans to issue RMB 3.5 billion in super short-term bills with a maturity of 270 days on the interbank market today.
According to a statement, the power 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 Jun. 20, and the to-be-issued bills tradable Jun. 21.
China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AAA and A-1, respectively.
Agricultural Bank of China Ltd or ABC<601288
> and Industrial and Commercial Bank of China<601398
> have been hired as joint lead underwriters for the deal.
Proceeds from the deal will be used to repay short-term bank loans.