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OCT Enterprises to issue RMB 2.4 bln bills

Mar. 8, 2012 (China Knowledge) - OCT Enterprises Co, one of the large central enterprises under the State-owned Assets Supervision and Administration Commission of the State Council, has announced plans to issue RMB 2.4 billion worth of 365-day unsecured bills on the interbank market on Mar. 13, sources reported.

Coupon rate will be determined in the process of book-building. Both value date and payment due date is Mar. 14, and the to-be-issued bills tradable on Mar. 15.

Proceeds from the issue will be used to repay bank loans and replenish working capital, said the issuer.

China Lianhe Credit Rating Co Ltd has rated the issuer and bills AAA and A-1, respectively.

China Construction Bank<601939><0939> has been assigned as the lead underwriter and bookrunner.

This will be the issuer's first short-term bill this year.

As of to date, the issuer has RMB 11.2 billion in bonds, consisting of RMB 3.4 billion in short-term bills and RMB 7.8 billion in medium-term notes.

OCT Enterprises is the parent co of Shenzhen Overseas Chinese Town Holding<000069>.

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