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Shanghai Electric to issue RMB 3 bln bills

Aug. 7, 2012 (China Knowledge) - Shanghai Electric (Group) Corp, the parent of Shanghai Electric Group Co Ltd<601727><2727>, said that it will issue RMB 3 billion in short-term bills with a maturity of 365 days in the interbank market on Aug 14.

The company said in a statement that this batch of bills will be issued at the face value, coupon rate will be determined in the process of book-building.

Both value date and payment due date is set on Aug 15, and the to-be-issued bills are tradable Aug 16.

The issuer said RMB 1 billion of the proceeds will be used to replenish working capital, while the remaining RMB 2 billion to repay bank loans.

Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and the bills AAA and A-1, respectively.

Agricultural Bank of China Ltd or ABC<601288><1288> has been assigned as the lead underwriter and bookrunner. China Minsheng Banking Corp Ltd<600016><1988> will be joint lead underwriter for the offering.

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