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Guangxi State Farms to issue RMB 1 bln MTN

Oct. 19, 2012 (China Knowledge) - Guangxi State Farms Group Co Ltd, a state owned enterprise in Guangxi Zhuang Autonomous Region, has announced it will issue RMB 1 billion in medium-term notes with a maturity of three years in the interbank market on Oct 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 Oct 26, and the to-be-issued notes tradable Oct 29.

RMB 300 million of the proceeds from the issue will be used to repay bank loans, while the remaining RMB 700 million to replenish working capital, said the issuer.

Dagong Global Credit Rating Co Ltd has rated the issuer and notes AA and AA, respectively.

China Everbright Bank Co Ltd<601818> has been hired as lead underwriter and bookrunner for the offering.

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