By William Gullotti
Buffalo, N.Y., Jan. 23 – Huaneng Power International, Inc. issued RMB 1 billion of 2.91% debentures with a 10-year tenor at par of RMB 100, according to a notice on Tuesday.
The debentures were placed through book building and issued in China’s domestic interbank bond market.
Citic Securities Co., Ltd., Shanghai Pudong Development Bank Co., Ltd. and China Development Bank acted as lead underwriters for the deal.
As with the company’s 2023 offerings, the debentures were issued under a multicurrency authorization approved on June 28, 2022, which was upsized on June 20, 2023 to a maximum of RMB 130 billion from RMB 100 billion, in either the domestic or international markets.
Proceeds will be used to supplement working capital, to adjust the company’s debt structure and to repay outstanding debt from bank loans.
The Beijing-based company develops, constructs and operates power plants in China.
| Issuer: | Huaneng Power International, Inc.
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| Amount: | RMB 1 billion
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| Issue: | Debentures, 1st tranche
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| Tenor: | 10 years
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| Bookrunners: | Citic Securities Co., Ltd., Shanghai Pudong Development Bank Co., Ltd. and China Development Bank
|
| Coupon: | 2.91%
|
| Price: | Par of RMB 100
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| Yield: | 2.91%
|
| Announcement date: | Jan. 23
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