China Datang plans RMB 3 billion bonds to restructure short-term debt

By Marisa Wong

Madison, Wis., March 23 - China Datang Corp. Renewable Power Co., Ltd. said it plans to issue up to RMB 3 billion of bonds.

The purpose of the proposed bond issue is to restructure the company's short-term debentures issued in September 2011. Those debentures are expected to mature on Sept. 5, 2012.

The new bonds will have an interest rate that is about 50 basis points higher than the coupon of the short-term debentures. The bonds will have a maturity of one to five years.

Proceeds that remain after replacing the short-term debentures will be used for working capital and repayment of bank loans.

The issuer is a subsidiary of China Datang Corp, which is a state-owned power-generation enterprise group. The subsidiary and the parent company are both based in Beijing.

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