Malaysia's Priceworth Wood Products to issue RM160 million under CP, MTN program

By Reshmi Basu

New York, Feb. 17 -Priceworth Wood Products Berhad said it plans to issue up to RM160 million of new paper under a commercial paper and medium-term notes program.

Under the proposed program, Priceworth will sell up to RM40 million of commercial paper with tenors of between one and 12 months.

The medium term notes will carry tenors of one to seven years.

Proceeds will be used to refinance the company's borrowings and fund the purchase and installation of veneer plant and logging equipment undertaken by its subsidiaries, Priceworth Industries and Maxland Sdn Bhd. Funds will also be used towards the full repayment of RHB Sakura's bridging loan facility of up to RM20 million.

RHB Sakura Merchant Bankers Bhd. is the lead manager for the program. The notes will be issued through a competitive tender or via private placement.

The issuer, based in Kuala Lumpur, is a manufacturer and seller of wood products.

The proposed program is subject to the approval of Malaysia's Securities Commission.

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