China Knowledge reported that State Grid Corp of China, the nation largest power supplier will issue CNY 10 billion worth of short term bills with a maturity of 366 days on December 23.

The company said in a statement that the bills will be issued at face value and the coupon rate will be determined during the process of bookbuilding.

Both value date and payment due date is December 26 and the to-be-issued bills are tradable on December 27.

Proceeds from the deal will be used to replenish the firm working capital and repay bank loans. China Lianhe Credit Rating Co Ltd has rated the issuer and bills AAA and A-1 respectively.

China Development Bank and CITIC Securities Co have been hired as joint lead underwriters for the offering.

(Sourced from China Knowledge)