Sep. 11, 2012 (China Knowledge) - GD Power Development Co<600795
>, a subsidiary of state-owned China Guodian Corp, has announced that it plans to issue RMB 4 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 face value, and the coupon rate determined in the process of book-building.
Both value and payment due date is set on Sep. 13 and the to-be-issued bills tradable Sep. 14.
Dagong Global Credit Rating Co Ltd has rated the issuer AAA.
Proceeds from the deal will be used to repay bank loans and replenish the firm's working capital.
Bank of China Ltd<601988
> has been hired as book-runner and lead underwriter for the offering and China CITIC Bank Corp<601998
> will be joint lead underwriter.
This will be the third super short-term bills issued by the company this year.
The power producer saw its net profit rise 6.05% YoY to RMB 1.2 billion and its operating revenue grow 11.53% to RMB 26.70 billion in the first half of this year.