Business

Friday October 9, 2009

Genting to issue RM1.6bil notes


KUALA LUMPUR: Genting Bhd, through wholly-owned subsidiary GB Services Bhd has proposed to issue RM1.6bil nominal value medium-term notes (MTN).

In a filing on behalf of the company, CIMB Investment Bank Bhd said the MTN would be guaranteed by Genting and had been assigned a long-term rating of AAA(s) by RAM Rating Services Bhd.

“The proposed MTN programme is on a ‘need to’ basis over a period of 15 years provided that the first issuance of the MTNs takes place within two years from the date of approval by Securities Commission,” CIMB said.

It added that the proceeds raised would be used mainly for operational expenses and the balance would be on-lent to Genting and its subsidiaries for capital expenditure, investment, refinancing and working capital requirements.


GENTING : [Stock Watch] [News]


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