Nov. 5, 2012 (China Knowledge) - OCT Group, the parent of Shenzhen Overseas Chinese Town Holding<000069
>, has announced it plans to issue RMB 2 billion in short-term bills with a maturity of 365 days in the interbank market on Nov 7.
The company said in a statement that the bills will be issued at face value, and the coupon rate determined in the process of book-building.
Both value and payment due date is set on Nov 8, and the to-be-issued bills tradable Nov 9.
RMB 1 billion of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 1 billion to repay bank loans, said the issuer.
China Lianhe Credit Rating Co Ltd has rated the issuer and bills AAA and A-1, respectively.
China Construction Bank Co <601939
>has been hired as lead underwriter and bookrunner for the offering.
This will be the issuer's third short-term bills this year.