China Knowledge reported that Huadian Power International Co Ltd the largest power producer in Shandong Province of China plans to issue CNY 2 billion worth of 366-day bills on the interbank market on August 11.

The company said in a statement that coupon rate will be determined in the process of book building. Both value date and payment due date will be August 12 and the to-be-issued bills will become tradable on August 15.

The issuer noted that it will use the proceeds to replenish working capital and repay bank loans.

China Cheng Xin International Credit Rating has rated the issuer and unsecured bills AAA and A-1 respectively. Industrial and Commercial Bank of China has been assigned as the lead underwriter.

(Sourced from China Knowledge)