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China Southern Power Grid to issue RMB 5 bln MTN

Nov. 16, 2012 (China Knowledge) - China Southern Power Grid, the country's second-biggest power transmission company, has announced it plans to issue RMB 5 billion in medium-term notes with a maturity of three years in the interbank market on Nov 23.

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 Nov 26, and the to-be-issued notes tradable Nov 27.

RMB 200 million of the proceeds from the issue will be used to invest a project, while the remaining RMB 4.8 billion to replenish working capital, said the issuer.

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

Agricultural Bank of China Ltd <601288><1288> has been assigned as the lead underwriter and book-runner. China International Capital Corporation Ltd will be joint lead underwriter for the offering.

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

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