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KUALA LUMPUR: Sunway Bhd
’s 60%-owned subsidiary Sunway Parkview Sdn Bhd has set up a medium-term notes (MTN) programme of up to RM999mil.
The diversified group told Bursa Malaysia that Sunway Parkview had also issued the first tranche of RM300mil MTNs on Friday to part finance or reimburse its cost of acquiring land lease(s) from Sunway Iskandar Sdn Bhd.
The MTN programme has a tenure of up to 30 years from the date of the first issue, which allows Sunway Parkview to issue different tranches of MTNs from time to time.
The first tranche MTNs were issued in four series with tenures of between nine and 12 years, Sunway said.
Sunway guarantees up to 60% of the tranche’s indebtedness. The MTNs are secured by, among others, charge over lease on 10 parcels of adjoining development land measuring 152.73 acres in Medini Iskandar, Johor, which are earmarked for residential and commercial uses.
Proceeds from the remaining tranches will be used to finance or reimburse the development expenditure of Sunway Parkview or its related corporations in relation to the development project on the lands and other property project as may be mutually agreed between Sunway Parkview, the first tranche MTN holders and the subscribers of future tranches.
In a separate announcement, Sunway Real Estate Investment Trust’s (SunREIT) manager Sunway REIT Management Sdn Bhd said RHB Trustees Bhd, a trustee for SunREIT, had subscribed to the one-month commercial paper with nominal value of RM52mil issued by its substantial shareholder Sunway Bhd.
The paper has a discount rate of 3.8% per annum, and Sunway REIT Management said investment in money market instrument that offered the most competitive discount rate was in line with SunREIT’s active capital management strategy.
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