Beijing Jingneng Clean Energy Co. plans to sell 3.6 billion yuan ($567 million) of bonds tomorrow to repay bank loans, according to data compiled by Bloomberg.
The company will sell 2 billion yuan of three-year notes and 1.6 billion yuan of five-year bonds in the domestic bond market, the data show. A total of 2.5 billion yuan will be used to repay debt while the remainder will be used for working capital, according to its prospectus on Bloomberg.
The company, a unit of state-owned Beijing Energy Investment Holding Co., is rated AAA by China Lianhe Credit Rating Co., according to the prospectus.
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