Huadian Power International, the fourth-largest Hong Kong-listed mainland power producer by market value, has received approval from the People's Bank of China to sell four billion yuan of short-term debt for refinancing.
The yuan-denominated notes, which will be sold in the nation's interbank market, carry a maturity of 272 days, Huadian said yesterday.
Industrial and Commercial Bank of China is the lead underwriter on the deal.
Huadian Power management said last month the note sale would help save about 40 million yuan in financial costs a year. The company has not set the interest rate on the new notes.
Huadian, which saw profit rise 12.7 per cent to 1.2 billion yuan last year, said last week it produced 19.8 per cent more electricity in the first three months this year to 14 billion kilowatt-hours.
Meanwhile, its bigger rival, Datang International Power Generation said first-quarter profit was 868.5 million yuan.
No comparison figures were provided.
