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Bright Food Group to issue RMB 2 bln in MTN

Sep. 19, 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 it will issue RMB 2 billion in medium-term notes with a maturity of three years in the interbank market on Sep 26.

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 1.4 billion of the proceeds from the issue will be used to replenish the working capital, while the remaining RMB 600 million to repay bank loans, said the issuer.

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

Shanghai Pudong Development Bank Co Ltd<600000>has been hired as lead underwriter and bookrunner. Bank of Beijing Co Ltd<601169> will be joint lead underwriter for the offering.

This will be the issuer's third medium-term notes in this year.







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