Dadu River Hydropower Dev't to issue RMB 600 mln in financing bills

Oct. 28, 2009 (China Knowledge) - Dadu River Hydropower Development Co Ltd announced that it will issue a batch of 365-day financing bills on the interbank market on Nov. 4, sources reported.

The company hopes to raise up to RMB 600 million through the issuance.

The bills will become tradable on Nov. 6, and both the value date and the payment due date will be Nov. 5, according to the company's statement.

The financing bills will be issued at face value and the yield will be determined in the process of book building.

The proceeds from the issuance will be used mainly to replenish the firm's working capital and repay bank loans.

Cheng Xin International Credit Rating Co Ltd has rated the issuer and the bills AA and A-1, respectively.

Industrial and Commercial Bank of China<601398><1398> has been hired as the major underwriter for the sale.

Dadu River Hydropower Development, which was established in Chengdu, Sichuan Province, has a registered capital of nearly RMB 3.18 billion.