Malaysia's Advance Synergy obtains RM120 million term loan

By Reshmi Basu

New York, April 25 - Advance Synergy Bhd. said its Alangka-Suka Hotels & Resorts Bhd. subsidiary obtained a transferable term loan facility for up to RM120 million.

Proceeds will be used to finance the repurchase of the outstanding redeemable loan stock and convertible loan stock issued by Advance Synergy and to refinance Alangka-Suka's existing RM11.5 million term loan.

The facility will carry a tenor of up to eight years at an interest rate of the base rate plus 185 basis points.

Affin Bank was the sole arranger.

The facility will be secured by Alangka-Suka's local properties such as Holiday Villa Alor Setar, Holiday Villa Cherating, Holiday Villa Langkawi as well as City Villa Kuala Lumpur and a corporate guarantee from Advance Synergy.

Advance Synergy, based in Kuala Lumpur, operates and manages hotels, resorts and restaurants.

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