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State Grid to issue RMB 10 bln in notes

Aug. 6, 2012 (China Knowledge) - State Grid Corp of China, the nation's largest power supplier, said today that it plans to issue RMB 10 billion worth of unsecured medium-term notes with a maturity of three years on the interbank market on Aug. 14.

The company said in a statement that the notes will be issued at face value and coupon rate will be determined in the process of book-building.

Both value date and payment due date is on Aug. 15 and the to-be-issued notes tradable on Aug. 16.

China Lianhe Credit Rating Co Ltd has rated the issuer and notes AAA and AAA, respectively.
Bank of China Ltd<601988><3988> has been hired as book-runner and lead underwriter for the offering, and Bank of Communications<601328><3328> will be joint lead underwriter.
In the first quarter of this year, the company's net profit was RMB 11.01 billion and its operating revenue was RMB 432.97 billion.
This is the first medium-term notes issued by the company this year.

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