Malaysia’s Tan Chong Motor sets up RM 1.5 billion paper, MTN programs

By Marisa Wong

Madison, Wis., Oct. 21 – Tan Chong Motor Holdings Bhd. has established a commercial paper program and a medium-term note program with a combined limit of RM 1.5 billion, according to a Bursa Malaysia announcement.

The Securities Commission Malaysia approved the program on Monday. The first issuance is expected to take place within two years from the date of approval.

The paper program and the MTN program have tenors of seven and 20 years, respectively.

AmInvestment Bank Bhd. and CIMB Investment Bank Bhd. are the joint lead arrangers, joint lead managers and joint bookrunners for the programs.

Proceeds will be used for capital expenditures, to refinance existing and future bank borrowings, to refinance any paper or medium-term notes and for general corporate purposes.

RAM Rating Services Bhd. has assigned initial long-term and short-term ratings of AA2 and P1 for the paper and MTN programs, respectively.

Based in Kuala Lumpur, Tan Chong assembles and distributes passenger, commercial and motor vehicles.

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