China Knowledge reported that China Huaneng Group, the country top power producer and the parent company of Huaneng Power International Inc plans to issue CNY 2 billion worth of notes with a maturity of five years on the interbank market on October 18.

Coupon rate will be determined in the process of book building. Both value date and payment due date is set at October 19 and the to-be-issued notes tradable on October 20.

The issuer said proceeds from the issue will be used to repay bank loans and replenish working capital. China Lianhe Credit Rating Co Ltd has rated the issuer and notes AAA and AAA respectively.

China Development Bank and Agricultural Bank of China have been assigned as the joint lead underwriters. This will be the issuer's fourth of medium-term notes this year.

(Sourced from China Knowledge)