April 17, 2012

Bright Food to release US$0.32 billion medium-term notes

Bright Food (Group) Co Ltd, said on April 12 that it plans to issue RMB2 billion (US$0.32 billion) worth of unsecured medium-term notes with a maturity of three years on the interbank market on April 19.

The coupon rate will be determined in the process of book-building. Both payment due data and value date are set as April 23 and the notes will become tradable on April 24.

Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuance and issuer AA+. Shanghai Pudong Development Bank Co Ltd and Bank of Shanghai Co Ltd are the lead underwriters.

The company, the parent of Bright Dairy & Food Co Ltd, will use RMB600 million (US$94.95 million) from the issuance to repay bank loans and the rest to replenish working capital for three subsidiaries.