Mid Valley Megamall, taken from helicopter. IZZRAFIQ ALIAS / The Star. July 2, 2017.
KUALA LUMPUR: IGB Real Estate Investment Trust
(IGB REIT), through its special-purpose vehicle IGB REIT Capital Sdn Bhd, plans to issue up to RM5bil medium-term notes (MTN).
In a filing with Bursa Malaysia, the retail-based REIT’s manager IGB REIT Management Sdn Bhd said IGB REIT Capital had lodged the MTN programme with the Securities Commission.
The programme will have a tenure of 20 years from the date of the first issue of the notes.
IGB REIT Capital will issue notes from time to time under the programme. They may be rated and/or unrated, which will be determined prior to each issuance.
IGB REIT Management said each rated/unrated MTN would be secured by such assets/properties of IGB REIT to be identified prior to such issuance.
Hong Leong Investment Bank Bhd is the principal adviser, lead arranger and lead manager for the MTN programme.
According to the statement, the proceeds raised from the exercise will be advanced to IGB REIT by the issuer, and may be used by IGB REIT, among others, to:
i) finance its investment activities (including but not limited to) capital expenditure, asset enhancement and the related acquisitions and financing expenses;
ii) to refinance its existing and/or future borrowings/facilities; and/or
iii) to fund its working capital requirements.
IGB REIT’s portfolio currently consists of Mid Valley Megamall and The Gardens Mall.
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