Malaysia's Maxis Communications plans RM1 billion commercial paper, medium-term notes program

By Reshmi Basu

New York, Nov. 9 - Maxis Communications Bhd said it plans to raise RM1 billion by issuing a combination of commercial paper and medium term notes paper.

The RM500 million commercial paper/medium-term notes program will run for up to seven years from the first issuance while the RM500 million medium-term notes program will run for up to 30 years.

HSBC Bank Malaysia Bhd is the lead arranger for the programs.

Proceeds would be used to refinance existing debt, to finance capital expenditure and for other general funding requirements and general corporate purposes of Maxis and its subsidiaries.

The proposed issues are subject to approval from Malaysia's Securities Commission.

Rating Agency Malaysia Bhd has assigned an indicative short-term rating of P1 and an indicative long-term rating of AAA.

Maxis is Malaysia's largest mobile phone service provider in terms of subscribers.

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