Hengan International raises $700 million from zero-coupon CB

The personal hygiene products company prices an enlarged deal with a 35% premium. It is the biggest CB and the highest premium in the region in two years.
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Hengan sells a range of personal hygiene products in China
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<div style="text-align: left;"> Hengan sells a range of personal hygiene products in China </div>

Hengan International Group, a consumer products company, has raised HK$5.43 billion $700 million from the sale of a five-year zero-coupon convertible bond, which it plans to use for capital expenditure, refinancing of bank borrowings and general corporate purposes.

Hengan is engaged in the production, distribution and sales of personal hygiene products in China, such as tissue papers, sanitary napkins and disposable diapers, as well as food and snacks products.

It is the biggest equity-linked transaction in Asia ex-Japan excluding A-share CBs since Wharf Finance’s $800 million CB in May 2011, Dealogic data show. Hengan’s 35% conversion premium is also the highest since the Wharf deal, which...

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