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Huaneng Power to issue RMB 5 bln in 270-day bills

Dec. 4, 2012 (China Knowledge) - Huaneng Power International Inc<600011><0902>, China's largest listed power company, has said it will issue RMB 5 billion in unsecured bills with a maturity of 365 days on the interbank market on Dec. 7.

The company said 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 Dec. 10, and the to-be-issued bills tradable Dec. 11.

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

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

Bank of China<601398><1398> has been assigned as lead underwriter and bookrunner for the offering.

This will be the issuer's third short-term bills this year.

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