Shanghai Urban Construction Group Corp on Tuesday announced that it will float RMB 1.2 billion in 365-day short-term bills on the interbank market on Nov. 9.

The company said in a statement that this batch of bills would be issued at face value and that the coupon rate was to be determined during the process of book building.

The proceeds from the issuance will be used to replenish working capital and optimize debt structure, according to the company.

Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the bills and the issuer A-1 and AA, respectively. China Construction Bank<601939><0939> and Bank of Shanghai have been assigned as joint underwriters for the sale.