China Knowledge reported that China Three Gorges Corp, a state owned hydropower enterprise plans to issue CNY 5 billion worth of unsecured medium-term notes with a maturity of five years on the interbank market on August 2.

The company said in a statement that the notes will be issued at face value and coupon rate will be determined during the process of book-building. Both value date and payment due date is on August 3 and the to-be-issued notes tradable on August 6.

China Chengxin International Credit Rating Co Ltd has rated the issuer and notes AAA and AAA respectively. Proceeds from the deal will be used to fund hydropower projects.

Agricultural Bank of China Ltd or ABC has been hired as book-runner and lead underwriter for the deal and CITIC Securities Co will be joint lead underwriter.

This will be the second medium-term notes issued by the company this year.

Source - China Knowledge

(www.steelguru.com)