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China Yangtze Power to issue RMB 2 bln bills

Nov. 23, 2012 (China Knowledge) - China Yangtze Power Co<600900>, the country's largest listed hydropower corporation and operator of the massive Three Gorges Dam in Southwest China, has said it will issue RMB 2 billion in unsecured bills with a maturity of 365 days on the interbank market on Nov. 29, sources reported.

The company said that the bills will be issued at face value, and the coupon rate will be determined in the process of book-building.

Both value date and payment due date will be on Nov. 30, and the to-be-issued bills are tradable on Dec. 3.

All the proceeds from the issue will be used to repay bank loans.

China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AAA and A-1, respectively.
China Construction Bank Co<601939><0939> has been assigned as book-runner and lead underwriter for the offering, and Agricultural Bank of China Ltd<601288><1288> will be joint lead underwriter.

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