Oct. 18, 2012 (China Knowledge) - China Guodian Group, the parent company of GD Power Development Co<600795
>, has announced it plans to issue RMB 8.2 billion in short-term bills with a maturity of 365 days in the interbank market on Oct 23.
The company said in a statement 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 Oct 24, and the to-be-issued bills tradable Oct 25.
All the proceeds from the issue will be used to repay bank loans, said the issuer.
China Lianhe Credit Rating Co Ltd has rated the issuer and bills AAA and A-1, respectively.
China CITIC Bank Corp<601998
> has been hired as lead underwriter and bookrunner. China Development Bank will be joint lead underwriter for the offering.
This will be the issuer's third short-term bills this year.