China Knowledge reported that Huaneng Power International Inc the listed unit of the country largest power producer China Huaneng Group will issue CNY 5 billion in short term financing bills with a maturity of 365 days on the inter-bank market on September 16 2011.

The company said in a statement that the coupon rate will be determined in the process of book building. Both value date and payment due date will be September 19 and the to be issued bills will become tradable on September 20.

The company will use the proceeds from the deal to repay bank loans and replenish working capital.

China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AAA and A-1 respectively. Bank of China Ltd will be lead underwriter for the offering.

(Sourced from China Knowledge)