China Longyuan Power Group Corp. (916), the nation’s biggest wind-power producer, said unit Hero Asia Investment Ltd. will issue $400 million of senior perpetual securities to develop and expand its new energy business.
Sale of the 5.25 percent securities will be closed Dec. 7, Longyuan said today in a Hong Kong stock exchange statement. The proceeds will also be used for working capital needs.
None of the securities will be sold to the public in Hong Kong, where the company is traded, Longyuan said. The company has sought listing of the securities in Singapore.
The Beijing-based company will choose the proper timing to raise about $500 million by selling shares in Hong Kong by June 2, 2013, Lan Peizhen, Longyuan’s investor relations manager, said last month.
To contact the reporter on this story: Feifei Shen in Beijing at firstname.lastname@example.org
To contact the editor responsible for this story: Reed Landberg at email@example.com