By Marisa Wong
Morgantown, W.Va., Aug. 2 – Hengan International Group Co. Ltd. said it issued RMB 3 billion of three-year bonds with a fixed coupon of 4.58% on Thursday.
The bonds were issued through indirect wholly owned subsidiary Hengan (China) Investment Co., Ltd.
The bonds have a coupon adjustment option and put option at the end of the second year.
The company announced in August 2016 that it received approval from the China Securities Regulatory Commission to issue up to RMB 5.75 billion of corporate bonds. The company sold an initial RMB 1 billion of bonds in September 2016. With the current tranche, the balance of approved but unissued bonds is RMB 1.75 billion.
Proceeds from the first tranche will be used to repay debt and to supplement working capital requirements.
Based in Jinjiang, Fujian, China, Hengan produces sanitary napkins and baby diapers.
| Issuer: | Hengan (China) Investment Co., Ltd.
|
| Issue: | Domestic corporate bonds, second tranche
|
| Amount: | RMB 3 billion
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| Maturity: | Three years
|
| Coupon: | 4.58%, may be adjusted at end of second year
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| Put option: | At end of second year
|
| Pricing date: | July 30
|
| Settlement date: | Aug. 2
|
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