China’s Fufeng unit to issue RMB 1 billion 3.3%-4.8% three-year bonds

By Marisa Wong

Morgantown, W.Va., Nov. 3 – Fufeng Group Ltd.’s wholly owned subsidiary, Neimenggu Fufeng Biotechnologies Co., Ltd., plans to issue RMB 1 billion of three-year bonds, according to a company announcement.

The interest rate is expected to be between 3.3% and 4.8% and will be determined through a bookbuilding process.

China Investment Securities Co. will be the lead underwriter.

Neimenggu Fufeng expects to issue the bonds on Thursday.

Proceeds will be used to repay bank loans and for general working capital.

China Chengxin International Credit Rating Co., Ltd. has assigned AA+ ratings to the bonds and the issuer.

Based in Jinan, China, Fufeng manufactures bio-products, including monosodium glutamate, xanthan gum and fertilizer.

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