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China Huaneng to issue RMB 4 bln bills

Dec. 7, 2012 (China Knowledge) - China Huaneng Group, the country's top power producer and the parent company of Huaneng Power International Inc<600011><0902>, has said it will issue RMB 4 billion in unsecured bills with a maturity of 365 days on the interbank market on Dec. 12.

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. 13, and the to-be-issued bills tradable Dec. 14.

RMB 500 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 3.5 billion to repay bank loans, said the issuer.

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

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

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

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