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GD Power Development to issue RMB 6 bln in 270-days bills

Jul. 11, 2012 (China Knowledge) - GD Power Development Co<600795>, a subsidiary of state-owned China Guodian Corp, announced its plans to issue RMB 6 billion in super short-term bills with a maturity of 270 days on the interbank market tomorrow.

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 book-building.

Both value date and payment due date is set on Jul. 13 and the to-be-issued bills tradable Jul. 16.

Dagong Global Credit Rating Co Ltd has rated the issuer and bills AAA and A-1, respectively.

Shanghai Pudong Development Bank<600000> has been assigned as lead underwriter and book-runner, and China Merchants Bank<600036><3968> will be the joint lead underwriter for the offering.
Proceeds from the deal will be used to replenish the company’s working capital and to repay bank loans.

This will be the second super short-term bills issued by the company this year.

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