By Marisa Wong
Madison, Wis., March 28 - China Modern Dairy Holdings Ltd. announced that non-wholly owned subsidiary Modern Farming (Group) Co., Ltd. issued RMB 700 million of 4.99% one-year notes on Wednesday.
This is the subsidiary's first tranche of notes. The company said it registered to issue up to RMB 1.4 billion of short-term notes earlier this month.
China Merchants Bank Co. Ltd. is the underwriter for the first tranche.
Proceeds will be used to repay bank loans and for general working capital.
Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. assigned an A-1 rating to the notes.
The dairy farming company is based in Maanshan, Anhui, China.
| Issuer: | Modern Farming (Group) Co., Ltd.
|
| Issue: | Short-term notes
|
| Amount: | RMB 700 million
|
| Maturity: | March 28, 2014
|
| Coupon: | 4.99%
|
| Underwriter: | China Merchants Bank Co. Ltd.
|
| Settlement date: | March 27
|
| Rating: | Shanghai Brilliance: A-1
|
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