CHINA LIGHT UNIT RENEWS COMMERCIAL PAPER FACILITY
<Kowloon Electricity Supply Co Ltd>, a
joint venture of China Light and Power Co Ltd <CLPH.HK> and
Exxon Corp <XON>, has renewed and increased an existing
commercial paper program, arranger <Schroders Asia Ltd> said.
    The fully underwritten program, which expires this month,
has been extended to December 1990 and increased to 540 mln
H.K. Dlrs from the original 500 mln dlrs, it said.
    The underwriting fee is 1/8 of a percentage point over the
Hong Kong interbank offered rate.
    Commercial paper in tenures of one to three months will be
issued in denominations of one mln dlrs, it said.
    The program offers a U.S. Dlr option whereby commercial
paper in denominations of 100,000 U.S. Dlrs will be issued
subject to the same underwriting margin.
    Joining Schroders as underwriters are Barclays Bank Plc,
Citicorp International Ltd, Paribas Asia Ltd, Sanwa
International Finance Ltd and Sumitomo Finance (Asia) Ltd.
    The six underwriters will be joined by 11 other financial
institutions in the tender panel.
 REUTER
