By Marisa Wong
Morgantown, W.Va., Aug. 15 – China Modern Dairy Holdings Ltd. non-wholly owned subsidiary Modern Farming (Group) Co., Ltd. issued RMB 250 million of 5.3% three-year bonds on Monday, according to a company news release.
China Securities Co., Ltd. is the lead underwriter for this first tranche of domestic corporate bonds.
The subsidiary previously obtained approval to issue up to RMB 2 billion of domestic corporate bonds in China.
Proceeds will be used to repay loans and as general working capital.
Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. has assigned an AA rating to the bonds.
The dairy farming company is based in Maanshan, Anhui, China.
| Issuer: | Modern Farming (Group) Co., Ltd.
|
| Issue: | Domestic corporate bonds, first tranche
|
| Amount: | RMB 250 million
|
| Maturity: | Aug. 12, 2019
|
| Coupon: | 5.3%
|
| Underwriter: | China Securities Co., Ltd. (lead)
|
| Settlement date: | Aug. 15
|
| Rating: | Shanghai Brilliance: AA
|
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