China Longyuan completes CNY-2bn debenture offering
Wind power-focused utility China Longyuan Power Group Corp Ltd (HKG:0916) said Monday it has issued CNY 2 billion (USD 322m/EUR 292m) worth of 270-day debentures to replenish working capital.
The company, part of state-owned power producer China Guodian Corp (CGC), may also use the proceeds for debt repayment. It aims to reduce its finance costs and improve its overall competitiveness.
The ultra short-term debentures have a 3.35% coupon, which started to accrue on July 6. China Construction Bank Corp and Industrial Bank Co Ltd served as underwriters of the issue.
China Longyuan’s total installed capacity as at March 31, 2015 stood at approximately 15.78 GW, 13.63 GW of which was wind. The firm put into operation 1,025.5 MW of wind power plants across 11 provinces in the first half of 2015 alone.