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Bright Food Group to issue RMB 2 bln in MTN

Apr. 13, 2012 (China Knowledge) - Bright Food (Group) Co Ltd, which is a leading food producer and retailer in China and also the major shareholder of Shanghai-listed Bright Dairy & Food Co Ltd<600597>, has announced that it plans to issue RMB 2 billion worth of unsecured medium-term notes with a maturity of three years on the interbank market on Apr. 19.

The group said in a statement that the notes will be issued at face value and coupon rate will be determined in the process of book-building.

Both value date and payment due date is Apr. 23, and the to-be-issued notes are tradable on Apr. 24.

Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and notes AA+ and AA+, respectively.

Shanghai Pudong Development Bank Co Ltd<600000> is hired as lead underwriter for the offering, and Bank of Shanghai the joint lead underwriter.

The group plans to use RMB 600 million of the proceeds to repay bank loans and RMB 1.4 billion to replenish its working capital.

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