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Angel Yeast to issue RMB 500 mln MTN

Sep. 18, 2012 (China Knowledge) - Angel Yeast Co Ltd<600298>, one of the largest yeast and yeast extract manufacturers in the world, has announced it will issue RMB 500 million in medium-term notes with a maturity of three years in the interbank market on Sep 25.

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

Both value and payment due date is set on Sep 27, and the to-be-issued notes tradable Sep 28.

RMB 113 million of the proceeds from the issue will be used to replenish the working capital, while the remaining RMB 387 million to invest three projects, said the issuer.

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

China Merchants Bank Co Ltd<600036><3968> has been hired as lead underwriter and bookrunner for the offering.

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