BEIJING, Nov. 22, 2016 /PRNewswire/ -- China New Borun
Corporation (NYSE: BORN) ("Borun"
or the "Company"), a leading producer and distributor of corn-based
edible alcohol in China, announced
today that Shandong Borun Industrial Co., Ltd, one of the Company's
wholly owned subsidiaries, had successfully completed a private
placement of five-year fixed-rate bonds ("The Bonds") with a
principle amount of RMB300
million.
Pursuant to a registered plan submitted with the Shanghai Stock
Exchange, The Bonds were issued on November
2, 2016 at face value with a simple interest rate of 6.5%
per annum. Guaranteed by China United SME Guarantee Corporation and
reflecting the Company's solid financial position and consistently
positive annual net income, The Bonds received an investment-grade
rating of "AA-" by one of China's notable, independent rating
agencies.
Under the terms of The Bonds, the Company will make annual
interest payments of RMB19.5 million
commencing November 2, 2017. The
Company will also pay three annual installments for the principal
portion of The Bonds commencing November 2,
2019. The Company expects proceeds from issuance of The
Bonds will be used for working capital and capital expenditure
purposes.
About China New Borun Corporation
China New Borun Corporation (NYSE: BORN) is a leading producer
and distributor of corn-based edible alcohol sold as an ingredient
to producers of baijiu, a popular grain-based alcoholic
beverage in China. The Company
also produces DDGS Feed, liquid carbon dioxide and crude corn oil
as by-products of edible alcohol production, and chlorinated
polyethylene (CPE) that is widely used in chemical industries.
China New Borun is based in
Shouguang, Shandong Province.
Additional information about the company can be found at
http://www.chinanewborun.com and in documents filed with the U.S.
Securities and Exchange Commission, which are available on the
SEC's website at http://www.sec.gov.
Contact Information
Asia Bridge Capital Limited
Wendy Sun
Phone: +86-10-8556-9033 (China) / +1-888-870-0798 (U.S.)
Email: wendy.sun@asiabridgegroup.com
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SOURCE China New Borun Corporation