Malaysia's Mega Palm to issue up to RM 150 million under CP/MTN program

By Reshmi Basu

New York, May 3 - Kuala Lumpur, Malaysia-based property developer Country Heights Holdings Bhd. said its subsidiary, Mega Palm Sdn. Bhd., plans to establish a commercial paper and medium-term note program to raise up to RM 150 million.

The proposed program will be secured by a bank guarantee of up to RM 152.7 million from Malayan Banking Bhd.

Additionally, the issuance of commercial paper will not exceed RM 80 million while the issuance of MTNs will not surpass RM 70 million.

Proceeds will be used to refinance the existing term loan facilities and short-term revolving credit facility and to finance expenses related to the construction of bungalow show units of the Country Heights Damansara project.

The Malaysian Securities Commission approved the plan on March 31.

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