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China Huaneng to issue RMB 5 bln in 270 day bills

Oct. 31, 2012 (China Knowledge) - China Huaneng Group, the country's top power producer and the parent company of Huaneng Power International Inc<600011><0902>, has announced it plans to issue RMB 5 billion in short-term bills with a maturity of 365 days in the interbank market on Nov 6.

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 Nov 7, and the to-be-issued bills tradable Nov 8.

RMB 2.5 billion of the proceeds from the issue will be used to repay bank loans, while the remaining RMB 2.5 billion to replenish working capital, said the issuer.

China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AAA and A-1, respectively.

China Construction Bank Corp<601939><0939> has been hired as lead underwriter and bookrunner for the offering.

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