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State Grid to issue RMB 10 bln MTN

Sep. 26, 2012 (China Knowledge) - State Grid Corporation of China, the nation's largest power supplier, has announced it will issue RMB 10 billion in medium-term notes with a maturity of three years in the interbank market on Oct 10.

The company said in a statement that the notes 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 Oct 11, and the to-be-issued notes tradable Oct 12.

All the proceeds from the issue will be used to replenish working capital, said the issuer.

China Lianhe Credit Rating Co Ltd has rated the issuer and notes AAA and AAA, respectively.

China Development Bank and China Guangfa Bank Co Ltd have been hired as lead underwriter and bookrunner for the offering.

This will be the issuer's the third medium-term notes this year.

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