By Marisa Wong
Madison, Wis., April 19 - Fufeng Group Ltd.'s wholly owned subsidiary, Neimenggu Fufeng Biotechnologies Co., Ltd., completed a RMB 600 million issue of three-year notes on Thursday, according to a company announcement.
The notes priced at par with a fixed coupon of 5.11%.
This is Neimenggu Fufeng's first tranche of medium-term notes.
The subsidiary registered up to RMB 1.2 billion of domestic medium-term notes in December and had initially planned to issue the first tranche on Jan. 31. The company announced on Jan. 30 that it was postponing the deal.
China Merchants Bank Co., Ltd. acted as lead manager.
Proceeds will be used to repay bank loans and for general working capital, as previously noted.
China Chengxin International Credit Rating Co., Ltd. assigned AA ratings to the medium-term notes and the issuer.
Based in Jinan, China, Fufeng manufactures bio-products, including monosodium glutamate, xanthan gum and fertilizer.
| Issuer: | Neimenggu Fufeng Biotechnologies Co., Ltd.
|
| Issue: | Medium-term notes
|
| Amount: | RMB 600 million
|
| Maturity: | Three years
|
| Coupon: | 5.11%
|
| Price: | Par of RMB 100
|
| Yield: | 5.11%
|
| Manager: | China Merchants Bank Co., Ltd.
|
| Settlement date: | April 18
|
| Rating: | China Chengxin: AA
|
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