Shanghai Electric Power issues debt, addresses KE transaction

Shanghai Electric Power (SSE:600021) has announced the successful issuance of multiple debt instruments and provided an update on a significant, but delayed, overseas transaction. The company issued 25 billion RMB in ultra-short-term financing bonds, split between two tranches: 17 billion RMB with an 86-day term and a 21 billion RMB tranche with a 149-day term, with interest rates of 1.98% and 1.96% respectively. Proceeds will be used for debt refinancing. Concurrently, the company issued 20 billion RMB in medium-term notes with a 3-year tenor and a coupon rate of 1.82%, also earmarked for refinancing. Separately, the company addressed the status of its 2016 agreement to acquire a 66.4% stake in K-Electric. The transaction is still pending due to unresolved regulatory issues surrounding K-Electric's multi-year tariff. While awaiting resolution, Shanghai Electric Power is evaluating the transaction's ongoing feasibility.