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COFCO to issue RMB 6 bln in bills

Jun. 1, 2012 (China Knowledge) - China's state-owned COFCO Corp, a leading grain, oil and foodstuff import and export group in the country, announced that it plans to issue RMB 6 billion worth of 365-day unsecured bills on the interbank market on Jun. 6, sources reported.

Coupon rate will be determined in the process of book-building and the bills be issued at face value.

Both value date and payment due date is Jun. 7 and the to-be-issued bills tradable on Jun. 8.
China Lianhe Credit Rating Co Ltd has rated the issuer and bills AAA and A-1, respectively.

Bank of China Ltd<601988><3988> has been hired as book-runner and lead underwriter for the offering, and Agricultural Bank of China Ltd or ABC<601288><1288> will be joint lead underwriter.

The group plans to use RMB 332 million of the proceeds to purchase rapeseed and the remaining to repay bank loans.

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