China Longyuan issues CNY 1bn in debt financing instruments

Dec 12, 2011 - Power producer China Longyuan Power Group Corp (HKG:0916) said it had finalised the issue of CNY 1 billion (USD 157m/EUR 119m) in three-year debt financing instruments with a 5.72% interest rate on December 9, 2011.

The proceeds will allow the company to improve its debt structure, reduce finance costs and bolster its competitiveness, China Longyuan said. It is to offer an additional CNY 4 billion in debt financing instruments in the future.

Chinese Industrial Bank Co Ltd (SHA:601166) served as lead underwriter of the CNY-1-billion offering.

China Longyuan produced total of 22,931,171 MWh in the 11 months through November, with more than half of the amount coming from wind power installations. Wind power output for the period rose by 35.87% on the year to 12,031,125 MWh.

(CNY 1 = USD 0.157/EUR 0.119)

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