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Bright Food to issue RMB 2 bln bills

Jul. 20, 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>, announced that it plans to issue RMB 2 billion in short-term bills with a maturity of 365 days on the interbank market on Jul. 25, sources reported.

The food producer 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 book-building.

Both value date and payment due date is set on Jul. 26, and the to-be-issued bills tradable Jul. 27.

Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and bills AA+ and A-1, respectively.

Bank of Shanghai has been assigned as the lead underwriter and book-runner. China Construction Bank Corp or CCB<601939><0939> will be the joint lead underwriter for the offering.

The company said that RMB 600 million of the proceeds will be used to repay bank loans and the remaining RMB 1.4 billion will be used to replenish working capital.

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