Nov. 20, 2012 (China Knowledge) - China Academy of Telecommunications Technology, controlling shareholder of Datang Telecom Technology Co Ltd<600198
>, has announced it plans to issue RMB 800 million in short-term bills with a maturity of 365 days in the interbank market on Nov 27.
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 28, and the to-be-issued bills tradable Nov 29.
RMB 500 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 300 million to repay bank loans, said the issuer.
China Chengxin International Credit Rating Co Ltd has rated the issuer and bills AA+ and A-1, respectively.
Bank of Beijing Co Ltd <601169
> has been hired as lead underwriter and bookrunner for the offering.
This will be the company's forth short-term bills this year.