By Angela McDaniels
Tacoma, Wash., April 24 - China Modern Dairy Holdings Ltd. subsidiary Modern Farming (Group) Co., Ltd. issued RMB 700 million of 6% one-year notes on Thursday, according to a company news release.
China Merchants Bank Co. Ltd. is the lead underwriter.
Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. assigned an A-1 rating to the notes.
Proceeds will be used to repay bank loans and other borrowings.
This is the subsidiary's second tranche of notes. The first tranche, RMB 700 million of 4.99% notes due March 28, 2014, was issued on March 28, 2013.
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: | April 24, 2015
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Underwriter: | China Merchants Bank Co. Ltd.
|
| Settlement date: | April 24
|
| Rating: | Shanghai Brilliance: A-1
|
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