China Southern Power Grid To Sell CNY5 Billion Notes March 17

SHANGHAI -(Dow Jones)- China Southern Power Grid Corp., which provides electricity to five southern China provinces, said Wednesday it plans to sell CNY5 billion ($732.5 million) worth of medium-term notes on the interbank market March 17.

China Southern Power Grid will sell CNY3.5 billion worth of three-year notes and CNY1.5 billion worth of five-year notes, it said in a statement.

The company said it will use the proceeds to finance the construction of new power grids, supplement its working capital and repay bank loans.

China Construction Bank Corp. and China Citic Bank Corp. are the main underwriters of the deal, it said.

-Wang Ming contributed to this article; Dow Jones Newswires; (86-21) 6120- 1200; ming.wang@dowjones.com

  (END) Dow Jones Newswires
  03-09-102109ET
  Copyright (c) 2010 Dow Jones & Company, Inc.