China's Tianneng Power postpones five-year dollar-denominated notes

By Christine Van Dusen

Atlanta, April 1 - Hong Kong-based Tianneng Power International Ltd. is postponing an offering of dollar-denominated notes (Ba3//BB) due to market conditions, a market source said.

The deal was expected to total as much as $300 million and was talked at 8%.

Deutsche Bank was the bookrunner for the Rule 144A and Regulation S notes, which were to be non-callable for three years.

The proceeds were to be used to refinance existing debt, to fund capital expenditures and for other general corporate purposes.

Tianneng Power manufactures battery products, primarily for electric bikes.

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