Guangdong Nuclear Power Company to Issue Bonds

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Last updated at: (Beijing Time) Thursday, November 07, 2002

Guangdong Nuclear Power Company to Issue Bonds

The Guangdong Nuclear Power Group Co. Ltd will issue corporate bonds with a ceiling of 4 billion yuan (about 482 million US dollars) from Nov. 11.

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The Guangdong Nuclear Power Group Co. Ltd will issue corporate bonds with a ceiling of 4 billion yuan (about 482 million US dollars) from Nov. 11.

The issue has been approved by the State Development Planning Commission and the People's Bank of China, the central bank, and the State Development Bank has been chosen as underwriter, corporate sources say.

According to the sources, the bonds, which have a term of 15 years and an interest rate of 4.5 percent, are intended to raise money for repaying supportive loans and covering construction costs for the Ling'ao Nuclear Power Plant in Shenzhen, south China's Guangdong Province.

The first two generators at the Ling'ao Nuclear Power Plant, the second of its kind in Guangdong, began commercial operations in May this year, generating much clean energy badly needed by Guangdong, one of China's economic powerhouses.

The entire issuance will last for 15 working days, closing on Nov. 29. The bonds might be listed at one of the country's two bourses based in Shenzhen and Shanghai if the listing plan was approved, said the sources.

Founded in September 1994, the Guangdong Nuclear Power Group Co.Ltd. had net assets of 15.1 billion yuan (about 1.82 billion US dollars) by September this year.

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