By Marisa Wong
Madison, Wis., Sept. 20 - Huaneng Power International, Inc. said that it issued RMB 5 billion of 6.04% notes on Monday.
The notes have a maturity of 366 days.
Bank of China Ltd. was the lead agent for the syndicate underwriting the notes, which will be placed through book building and issued in the domestic bond market among banks.
The 6.04% notes were issued as the company's second tranche of short-term notes for 2011. The company received shareholder approval on June 22, 2010 to issue up to RMB 10 billion of short-term notes within 12 months. The company issued RMB 5 billion of 3.95% notes in January 2011 as the first tranche.
Proceeds will be used to settle part of the company's bank loans in order to improve its debt structure and supplement short-term operational working capital.
Based in Beijing, Huaneng develops, constructs and operates large power plants in China.
| Issuer: | Huaneng Power International, Inc.
|
| Issue: | Notes
|
| Amount: | RMB 5 billion
|
| Maturity: | 366 days
|
| Coupon: | 6.04%
|
| Agent: | Bank of China Ltd. (lead)
|
| Settlement date: | Sept. 19
|
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