By Marisa Wong
Morgantown, W.Va., March 23 – China Modern Dairy Holdings Ltd. non-wholly owned subsidiary Modern Farming (Group) Co., Ltd. issued RMB 1.6 billion of medium-term notes on Wednesday, according to a company announcement.
The subsidiary sold RMB 1 billion of 4.6% two-year notes and RMB 600 million of 4¾% three-year notes.
China Construction Bank Co. Ltd. is the lead underwriter, and China Merchants Bank Co. Ltd. is the co-lead underwriter for this first tranche of 2016 medium-term notes.
The issuer previously obtained approval to issue up to RMB 1.8 billion of MTNs in China. The company completed a RMB 200 million tranche of three-year notes in February 2015.
Proceeds from the latest tranche will be used to repay loans, to improve debt structure and for general working capital.
Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. has assigned an AA rating to the notes.
The dairy farming company is based in Maanshan, Anhui, China.
| Issuer: | Modern Farming (Group) Co., Ltd.
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| Issue: | Medium-term notes, 2016 first tranche
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| Amount: | RMB 1.6 billion
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| Underwriters: | China Construction Bank Co. Ltd. (lead), China Merchants Bank Co. Ltd. (co-lead)
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| Settlement date: | March 23
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| Rating: | Shanghai Brilliance: AA
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| Two-year notes
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| Amount: | RMB 1 billion
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| Maturity: | March 23, 2018
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| Coupon: | 4.6%
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| Three-year notes
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| Amount: | RMB 600 million
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| Maturity: | March 23, 2019
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| Coupon: | 4¾%
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