China Power unit plans RMB 1 billion one-year debentures in two parts

By Marisa Wong

Madison, Wis., Feb. 16 - China Power International Development Ltd. said its subsidiary Wu Ling Power Corp. plans to issue RMB 1 billion of one-year debentures.

The debentures will be issued in two tranches of RMB 500 million each.

The company said the interest rate will be determined according to market conditions.

China Construction Bank Ltd. is the lead agent of the underwriting syndicate for the debentures.

Proceeds will be used to repay bank loans and to supplement working capital.

The first tranche has already been assigned an A-1 rating by China Lianhe Credit Rating Co., Ltd.

Hong Kong-based China Power International's principal business is to develop, construct, own, operate and manage large power plants in mainland China.

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