Summary by Moomoo AI
LONGYUAN POWER GROUP CO., LTD. (“LONGYUAN POWER”) ANNOUNCED THAT IT HAS COMPLETED THE ISSUANCE OF ULTRA-SHORT-TERM FINANCING SECURITIES TOTALING RMB20 BILLION ON MARCH 13, 2024. The term of the financing note is 61 days with an face value of RMB 100, the bill of exchange rate is set at 2.00%, and interest will be calculated from March 14, 2024. This issue is underwritten by Shanghai Pudong Development Bank Co., Ltd. The funds raised will be used primarily to supplement the day-to-day cash flow of the Company and its subsidiaries and pay off interest-bearing liabilities. The issuance of the securities is based on a debt financing instrument issuance plan approved by shareholders at the 2022 Annual General Meeting.