China's Datang International Power to issue up to RMB 3 billion bonds

By Angela McDaniels

Tacoma, Wash., June 3 - Datang International Power Generation Co., Ltd. plans to issue up to RMB 3 billion of corporate bonds, according to a company announcement.

The tenor of the bonds will be no more than 15 years.

The bonds will be guaranteed by parent company China Datang Corp.

The company will use RMB 1.5 billion of the proceeds to repay bank loans. The remainder will be used to supplement cash flow.

The board of directors approved the issuance at a meeting on Friday. The bonds will be issued within six months of the receipt of approval from the China Securities Regulatory Commission.

The issuer is engaged in power generation and power plant development. China Datang is a state-owned power-generation enterprise group. Both are based in Beijing.

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