Huadian Power International Issues 1 Billion Yuan of Bonds

Huadian Power International (SHA:600027) raised 1 billion yuan by issuing five-year bonds with a coupon rate of 1.75%. Proceeds will be used to replace self-funded mergers and acquisitions capital, repay maturing debt, and supplement working capital, according to a Thursday filing with the Shanghai bourse. China CITIC Bank and Industrial and Commercial Bank of China acted as lead underwriters. Shares of the electric power company were down 1% in recent trade on the Shanghai bourse and up 2% in Hong Kong.