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Malaysia's YTL Power raises CP, MTN program to RM 2 billion
By Jennifer Chiou
New York, May 7 - YTL Power International Bhd. said it received approval from the Malaysian Securities Commission to sell up to RM 2 billion, increased from RM 1 billion, of securities under its commercial paper and medium-term note program.
Other terms of the program remain unchanged.
As already reported, the program has a maturity of seven years from the date of issuance.
YTL will use the proceeds to finance capital expenditures and future projects as well as for working capital requirements. The company added that proceeds will no longer be earmarked for refinancing its RM 750 million of 7% redeemable non-guaranteed unsecured bonds, after the bonds were redeemed in full on Jan. 11.
CIMB Investment Bank Bhd. will manage the program.
The company received approval of an up to RM 1 billion program on Jan. 16.
YTL is a power company based in Kuala Lumpur, Malaysia.
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