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China’s Huadian Fuxin offering RMB 1 billion of corporate bonds
By Wendy Van Sickle
Columbus, Ohio, Nov. 2 – Huadian Fuxin Energy Corp. Ltd. said it is offering RMB 1 billion of corporate bonds.
The bonds consist of two types. The type 1 bonds have a term of three years with the option for the issuer to extend the bonds by another three years at the end of each term.
The type 2 bonds have a term of five years with the option for the issuer to extend the bonds by another five years at the end of each term.
The base issue size of each type is RMB 500 million, and there will be an over-allotment option up to RMB 2 billion.
The bonds will be sold at par. The coupons will be determined through an offline process.
The issue is the first tranche of 2017 corporate bonds. The company said it may issue up to RMB 4 billion of the bonds in tranches of RMB 1 billion each.
Proceeds will be used to repay debt and to replenish working capital.
Huadian Fuxin is a power project company based in Beijing.
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