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Malaysia's KLK to sell up to $300 million five-year exchangeable bonds
By Rebecca Melvin
New York, Feb. 26 - Malaysia's Kuala Lumpur Kepong Bhd. (KLK) plans to sell up to $300 million of five-year unsecured guaranteed exchangeable bonds, according to a bank announcement.
The bonds will be issued by KLK's wholly owned subsidiary, KLK Capital Resources Ltd.
Details on price talk were not disclosed.
EMC Libra Investment Bank Bhd. and Credit Suisse (Hong Kong) Ltd. are joint lead arrangers and joint bookrunners of the deal.
EMC Libra is the domestic adviser of the Regulation S deal.
Proceeds are intended to be used to refinance existing bank borrowings and for working capital.
Future cash settlement of the bonds upon maturity can be offset directly against the company's revenue from its palm oil-based products sales, which are denominated in U.S. dollars.
Malaysia-based KLK is primarily a palm oil producer involved in plantation, manufacturing, retailing and property development.
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