China: BBMG to issue CNY1bn medium term notes

Cement producer and property developer BBMG Corporation announced that it will issue CNY1bn (US$157.6m) medium term notes on the interbank market on 14 October 2015 to be used to repay bank loans.

The corporation said in a statement that the medium term notes will be issued at the face value, and the coupon rate determined in the process of bookbuilding. The issue may be redeemable on the fifth year, but, if it continues, there will be a new adjusted rate. Both value date and payment due date is set on 16 October, and the to-be-issued medium term notes tradable on 19 October.

Global Credit Rating Co, Ltd has rated the issuer and medium term notes at AA+ and AA+, respectively.