Huaneng Power International issues two tranches of corporate bonds

Huaneng Power International Inc. has successfully issued its third tranche of innovative perpetual corporate bonds to professional investors. This follows approval from the Shanghai Stock Exchange and registration consent from the China Securities Regulatory Commission. The total public offering of corporate bonds for professional investors by the company does not exceed RMB 40 bn.

The current bond issuance comprises two tranches. Tranche One has an issuance amount of RMB 2.5 bn, with an interest rate of 2.04% and a basic term of 3 years. The repricing cycle is every 3 interest years. Tranche Two has an issuance amount of RMB 0.5 bn, an interest rate of 2.48%, and a basic term of 10 years, with a repricing cycle every 10 interest years. For both tranches, the company holds the right to extend the term by one cycle or fully redeem the bonds at the end of the basic term and each extended term.

Proceeds from this bond issuance, after deducting relevant expenses, are intended for productive expenditures, including repayment of interest-bearing debt, replenishment of working capital, and project investment and operations.