May. 14, 2012 (China Knowledge) - Fujian Sunner Development Co Ltd<002299>, principally engaged in the breeding and processing of poultry, today said it plans to issue RMB 700 million worth of corporate bonds with a maturity of six years on the interbank market starting from May 16 to May 18.
Coupon rate will be determined in the process of bookbuilding.
Proceeds from the issue will be used to repay bank loans and replenish working capital, said the issuer.
China Lianhe Credit Rating Co Ltd has rated the issuer and bonds AA and AA, respectively.
BOC International Holdings Ltd has been assigned as the lead underwriter and bookrunner. Cinda Securities Co will be the distributor.
In the first quarter of this year, the issuer earned RMB 922 million in operating revenue and RMB 77.47 million net profit. The company had RMB 3.49 billion in net asset as of Mar. 31, 2012.