Malaysia's Sunway Holdings announces RM 500 million note program

By Marisa Wong

Madison, Wis., Sept. 21 - Sunway Holdings Bhd plans to issue up to RM 500 million of commercial paper and/or medium-term notes under a commercial paper/medium-term note program, according to an announcement by the company's board of directors.

RHB Investment Bank Bhd is the principal adviser/lead arranger for the program.

Before the issuance of any notes, Sunway may choose to nominate OCBC Bank (Malaysia) Bhd or RHB Bank Bhd to guarantee up to a maximum of RM 100 million each of any series of the notes.

The bank guarantees will have a tenor of no more than five years from the first issue date of the notes.

Proceeds will be used to repay existing bank borrowings, to finance future property developments, capital expenditure or investments of Sunway or any of its subsidiaries and for working capital.

Sunway is a Petaling Jaya, Malaysia investment holding company with property development as its core business.

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