CGNPC said in a statement it will use the proceeds to repay bank loans and replenish working capital. China Development Bank Corp. and Bank of China Ltd. are the main underwriters of the deal, China Guangdong Nuclear said.
– By Mark McFadden –
According to a Dow Jones report, Nuclear power producer China Guangdong Nuclear Power Holding Co., Ltd. (CGNPC) has announced that it will sell CNY5.7 billion ($840.7 million) worth of five-year notes on the interbank market July 20.
The company said in a statement it will use the proceeds to repay bank loans and replenish working capital.
China Development Bank Corp. and Bank of China Ltd. are the main underwriters of the deal, China Guangdong Nuclear said.
The following are the details for the issuance of Guangdong Nuclear Power Holding Corporation's 5-year notes:
Issuer (full name) Guangdong Nuclear Power Holding Corporation Guarantee
unsecured Registered amount
RMB5.7 bln Offering amount
RMB5.7bln Term
5-year Par Value
RMB100 Issuing Rate
To be decided by results of bookkeeping Underwriter
China Development Bank & Bank of China (OOTC:BACHY) Underwriting Mode
Standby underwriting Issuing Mode
Bookkeeping Issuing Date
July 20, 2010 Value Date
July 21, 2010 Payment Date
July 21, 2010 Circulation Date
July 22, 2010 Maturity Date
July 21, 2015 Issuer Rating
AAA Interest accrue mode
Single interest Rating
AAA Rating Agency
China Cheng Xin International Credit Rating Co., Ltd.Last month, Cameco announced that it was pursuing long-term co-operation opportunities with CGNPC to supply uranium fuel for its growing fleet of nuclear power plants.
CGNPC, China's largest clean-energy enterprise, with the largest number of nuclear power plants under construction in the world, needs uranium to fuel its four existing reactors and others currently under construction. CGNPC indicates that it has about 20,000 megawatts (MW) of nuclear capacity under construction and expects to have over 50,000 MW on line by 2020.
Reports from China indicate the country plans to increase its nuclear capacity from the current 9 gigawatts (GW) to at least 70 GW by 2020. A further increase to 120-160 GW or more is planned by 2030.
China Guangdong Nuclear Power Holding Co., Ltd. (CGNPC) is a state-owned enterprise focused on development, construction and operation of nuclear power plants. CGNPC operates two nuclear power stations with nearly 4,000 MW of installed generating capacity and has 14 nuclear power units under construction. The company also operates conventional generation facilities and is involved in development of solar, wind and hydro technology.