China-based C.P. Pokphand plans up to RMB 2 billion corporate bonds

By Marisa Wong

Morgantown, W.Va., Jan. 6 – C.P. Pokphand Co. Ltd. said wholly owned subsidiary Chia Tai (China) Investment Co., Ltd. plans to issue up to RMB 2 billion of domestic corporate bonds in stages.

The China Securities Regulatory Commission approved the company’s application to issue the bonds on Wednesday.

UBS Securities Co., Ltd. and Goldstate Securities Co., Ltd. will act as the lead underwriters.

Pricing will be set through a book-building process.

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

Zhong Cheng Xin Credit Rating Co., Ltd. has assigned an AA rating to the bonds, according to a company announcement.

C.P. Pokhand is a Hong Kong-based investment holding company with operations in China and Vietnam making animal feeds. C.P. Pokhand is the investment arm of Bangkok-based conglomerate Charoen Pokphand Group.

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