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China Three Gorges to issue RMB 5 bln notes

Jul. 26, 2012 (China Knowledge) - China Three Gorges Corp, a state-owned hydropower enterprise, announced today that it plans to issue RMB 5 billion worth of unsecured medium-term notes with a maturity of five years on the interbank market on Aug. 2.

The company said in a statement that the notes will be issued at face value and coupon rate will be determined during the process of book-building.
Both value date and payment due date is on Aug. 3 and the to-be-issued notes tradable on Aug. 6.

China Chengxin International Credit Rating Co Ltd has rated the issuer and notes AAA and AAA, respectively.
Proceeds from the deal will be used to fund hydropower projects.

Agricultural Bank of China Ltd or ABC<601288><1288> has been hired as book-runner and lead underwriter for the deal, and CITIC Securities Co<600030><6030> will be joint lead underwriter.
This will be the second medium-term notes issued by the company this year.

In the first quarter of this year, the company's net profit was RMB 1.04 billion and its operating revenue was RMB 5.48 billion.

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