Nov. 2, 2012 (China Knowledge) - Huaneng Lancang River Hydropower Co, controlled by China Huaneng Group, has announced it plans to issue RMB 2 billion in short-term bills with a maturity of 365 days in the interbank market on Nov 9.
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 12, and the to-be-issued bills tradable Nov 13.
RMB 500 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 1.5 billion to repay bank loans, said the issuer.
Dagong Global Credit Rating Co Ltd has rated the issuer and bills AAA and A-1, respectively.
China Development Bank has been hired as lead underwriter and bookrunner. Industrial and Commercial Bank of China<601398
> will be the joint lead underwriter for the offering.
This will be the issuer's third super short-term bills this year.