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Hengan China closes issuance of 1B yuan in short-term commercial paper

Hengan (China) Investment Co. Ltd., an indirect wholly owned subsidiary of personal hygiene products company Hengan International Group Co. Ltd, completed the first tranche issuance of its super short-term commercial paper with a principal amount of 1 billion Chinese yuan.

According to an Aug. 31 filing to the Hong Kong stock exchange, the commercial paper bear a fixed annual coupon rate of 4.15% maturing in 270 days.

Upon completion of the issuance, the remaining unissued commercial paper, approved by the National Association of Financial Market Institutional Investors on April 7, 2017, amount to 4 billion yuan.

Hengan China Investment will use the proceeds from the issuance of the first tranche of commercial paper for working capital purposes.

The announcement follows the completion of the issuance of Hengan Investment's second tranche domestic bonds on the Shanghai stock exchange in early August.

As of Aug. 31, US$1 was equivalent to 6.83 Chinese yuan.