China Longyuan Power Group Corporation Limited, a wind power producer in China and Asia, has completed the issuance of ultra short-term debentures.
The aggregate amount of the ultra short-term debentures in issue amounted to RMB2 billion (US$313 million) with a term of 7 days, unit nominal value of RMB100 and coupon rate of 2.5% per annum. Interest shall be accrued from 13 November 2015.
Shanghai Pudong Development Bank Co., Ltd. is the lead underwriter for the public offering of the ultra short-term debentures.
The proceeds raised from the ultra short-term debentures will be mainly used to replenish the working capital and to replace the matured bank loans of the company (including its subsidiaries) so as to adjust the debt structure of the firm, reduce the financing cost and enhance competitiveness.