May. 2, 2012 (China Knowledge) –New Hope Group, China's largest animal feed producer and the parent of Sichuan New Hope Agribusiness Co Ltd<000876>, announced it will issue RMB 500 million in unsecured bills with a maturity of 365 days on the interbank market on May 7.

The company said in a statement that the bills will be issued at the face value, and the coupon rate will be determined in the process of bookbuilding.

Both value date and payment due date will be May 9, and the to-be-issued bills are tradable on May 10.

Proceeds from the issue will be used to repay bank loans, said the issuer.

China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AA+ and A-1, respectively.

Agriculture Bank of China<601288> has been assigned as the lead underwriter and bookrunner for the offering.

This will be the issuer's first short-term bill this year, sources reported.