China Datang to issue RMB 3.5 billion medium-term notes
China Datang Corporation, parent of Datang International Power Generation Corp<601991><0991>, will issue the first batch of medium-term notes of this year worth RMB 3.5 billion to institutional investors on the interbank market on Jun.15, 2009, according to a company statement.
Both the value date and the payment date will be Jun. 16, 2009. The fixed-rate notes will become tradable on Jun.17 2009, and the maturity date will be Jun. 16, 2014.
The coupon rate will de determined during the process of book building.
60% of the proceeds will be used to finance China Datang's power projects, and the remaining funds will be used to replenish working capital and pay back loans.
China Chengxin International Credit Rating Co has rated the issuer and the notes AAA and AAA respectively.
Industrial and Commercial Bank of China (ICBC)<601398><1398> and China CITIC Bank Corp<601998><0998> have been assigned as the major underwriters for the sale.
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