By Marisa Wong
Morgantown, W.Va., Sept. 6 – Hengan International Group Co. Ltd. said it priced RMB 1 billion of five-year bonds with a fixed coupon of 3.3%. Pricing was determined through a book-building exercise on Monday.
The bonds will be issued through indirect wholly owned subsidiary Hengan (China) Investment Co., Ltd.
Guosen Securities Co., Ltd. is the lead underwriter.
The company announced on Aug. 29 that it received approval from the China Securities Regulatory Commission to issue up to RMB 5.75 billion of corporate bonds. The company had expected the first tranche to total RMB 1 billion and include a RMB 1 billion over-allotment option.
Proceeds from the first tranche will be used to repay debt and to supplement working capital requirements.
China Chengxin Securities Rating Co., Ltd. has rated the bonds AAA.
Based in Jinjiang, Fujian, China, Hengan produces sanitary napkins and baby diapers.
| Issuer: | Hengan (China) Investment Co., Ltd.
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| Issue: | Domestic corporate bonds, first tranche
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| Amount: | RMB 1 billion
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| Maturity: | Five years
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| Coupon: | 3.3%
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| Underwriter: | Guosen Securities Co., Ltd.
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| Pricing date: | Sept. 5
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| Rating: | China Chengxin Securities Rating Co., Ltd.: AAA
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