Oct. 24, 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 plans to issue RMB 1 billion in short-term bills with a maturity of 365 days in the interbank market on Oct 29.
The company said in a statement that the bills 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 30, and the to-be-issued bills tradable Oct 31.
All the proceeds from the issue will be used to repay bank loans, said the issuer.
Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and bills AA+ and A-1, respectively.
Bank of Shanghai has been hired as lead underwriter and bookrunner, China Construction Bank <601939
> will be the joint lead underwriter for the offering.
This will be the issuer's second short-term bills this year.