By Marisa Wong
Madison, Wis., Dec. 3 - Malaysia's Ekovest Bhd. announced that 70% owned subsidiary Konsortium Lebuhraya Utara-Timur (KL) Sdn. Bhd. (Kesturi) issued RM 2.3 billion of Islamic medium-term notes and RM 180 million of redeemable secured junior bonds on Monday.
CIMB Investment Bank Bhd. acted as the lead arranger and lead manager.
Proceeds will be used to redeem Kesturi's existing RM 820 million sukuk and RM 50 million junior bonds, as well as to help finance construction costs related to DUKE Phase-2, a highway project under an agreement between Kesturi and the Malaysian government.
Malaysian Rating Corp. Bhd. assigned AA-(IS) and A- ratings to the sukuk and junior bonds.
Ekovest is a civil engineering company based in Kuala Lumpur.
| Issuer: | Konsortium Lebuhraya Utara-Timur (KL) Sdn. Bhd.
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| Issue: | Islamic medium-term notes, redeemable secured junior bonds
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| Amount: | RM 2.48 billion
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| Arranger: | CIMB Investment Bank Bhd.
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| Settlement date: | Dec. 2
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| Sukuk
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| Amount: | RM 2.3 billion
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| Rating: | Malaysian Rating Corp.: AA-(IS)
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| Junior bonds
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| Amount: | RM 180 million
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| Rating: | Malaysian Rating Corp.: A-
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