Malaysian Metroplex Realty plans to sell RM55 million of bonds

By Reshmi Basu

New York, Aug. 22 - Property developer Metroplex Realty Sdn Bhd said it received approval from the Malaysian Securities Commission over its proposal to issue RM55 million of five-year bonds.

The company will issue RM40 million of class A 6.95% bonds and RM15 million of class B 8.25% bonds.

Under a restructuring plan, Metroplex Realty will acquire The Legend Hotel from Metroplex Holdings Sdn Bhd for RM175 million.

Metroplex Realty is a wholly-owned subsidiary of Metroplex Holdings Sdn Bhd which in turn is a wholly-owned subsidiary of Metroplex Bhd.

Following the acquisition, Metroplex Realty will enter into an agreement to lease the hotel to Metroplex Holdings. The lease payments will be used to service the coupon payments of the bonds.

AmMerchant Bank has been appointed as the adviser and facility agent

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.