China Knowledge reported that Huadian Coal Industry Group Co Ltd a subsidiary of China Huadian Corp will issue CNY 2.4 billion worth of short-term bills with a maturity of 366 days on January 4.

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 January 5 and the to-be-issued bills are tradable on January 6. Proceeds from the deal will be used to repay bank loans and replenish its working capital.

China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AA+ and A-1 respectively. Bank of Communications has been hired as lead underwriter for the offering.

(Sourced from China Knowledge)