Malaysia's Axis to establish RM 100 million note program

By Reshmi Basu

New York, May 22 - Axis Incorporation Bhd. plans to set up a RM 100 million seven-year commercial paper and medium-term note program upon approval from the Malaysian Securities Commission.

Proceeds from the program will used for general working capital requirements, for general corporate expenses, to refinance existing term borrowings, to refinance a bridging loan from RHB Sakura and to prefund minimum balances as required by the Debt Service Reserve Account fund.

Kohor Baru, Malaysia-based Axis is a textile and garment manufacturer specializing in the production of knitted fabrics and clothing.

RHB Sakura Merchant Bankers Bhd. is the lead arranger.

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