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OCT Group to issue RMB 2 bln bills

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><0939>has been hired as lead underwriter and bookrunner for the offering.

This will be the issuer's third short-term bills this year.

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