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CLP seeks efficiency of costs from note

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The power-supply arm of CLP Holdings has launched a US$1.5 billion medium-term note programme, taking advantage of the low-interest environment.

The note programme will help fund the utility's planned HK$30 billion capital expenditure between 1999 and 2004.

It will be listed on the Luxemburg and Hong Kong stock exchanges, with Morgan Stanley as arranger.

CLP Power spokeswoman Jane Lau said: '[The note programme] is more cost-efficient.'

CLP Power would guarantee the programme and the terms of the note would be determined later, she said.

Yesterday, credit rating agencies Standard & Poor's and Moody's Investors Service assigned ratings to the note programme.

Standard & Poor's stamped an A-plus long-term rating and A-1 short-term rating, while Moody's gave an A3 foreign-currency debt rating and Aa1 local-currency rating.

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