Bursa Announcements
Date : 28 October 2013
OTHERS SUNWAY BERHAD ("SUNWAY") - PROPOSED ISSUANCE OF COMMERCIAL PAPERS AND/OR MEDIUM TERM NOTES PURSUANT TO A COMMERCIAL PAPER/MEDIUM TERM NOTE PROGRAMME OF UP TO RM2.0 BILLION IN NOMINAL VALUE
| SUNWAY BERHAD |
| Type | Announcement |
| Subject | OTHERS |
| Description | SUNWAY BERHAD ("SUNWAY") - PROPOSED ISSUANCE OF COMMERCIAL PAPERS AND/OR MEDIUM TERM NOTES PURSUANT TO A COMMERCIAL PAPER/MEDIUM TERM NOTE PROGRAMME OF UP TO RM2.0 BILLION IN NOMINAL VALUE |
1. INTRODUCTION The Board of Directors of Sunway Berhad is pleased to announce that Sunway Berhad (“Sunway” or the “Issuer”) had received authorisation from the Securities Commission (“SC”) to establish a commercial paper/medium term note programme for the issuance of commercial papers (“CPs”) and/or medium term notes (“MTNs”) (CPs and MTNs are collectively referred to as the “Notes”) of up to RM2.0 billion in nominal value (“CP/MTN Programme”) via SC’s letter dated 25 October 2013. Kenanga Investment Bank Berhad has been mandated by the Issuer as the Principal Adviser/ Lead Arranger/ Lead Manager/ Facility Agent in respect of the CP/MTN Programme. 2. DETAILS OF THE CP/MTN PROGRAMME The CP/MTN Programme shall have a tenure of up to seven (7) years from the date of the first issuance of the Notes under the CP/MTN Programme. The CPs may be issued with a tenure of one (1) month, two (2) months, three (3) months, six (6) months, nine (9) months or twelve (12) months as Sunway may select whereas the MTNs can have a tenure of more than one (1) year and up to seven (7) years, as Sunway may select, provided always that the final maturities of the Notes shall not exceed the tenure of the CP/MTN Programme. The first issuance of the Notes under the CP/MTN Programme shall be made within two (2) years from the date of the written authorisation by the SC subject to the conditions precedent for the CP/MTN Programme being complied with. The CPs may be issued via competitive tender by the tender panel members or direct placement on best effort basis without prospectus at the option of the Issuer while the MTNs may be issued via book building on a best effort basis or direct placement or on bought deal basis, without prospectus. RAM Rating Services Berhad has assigned an initial rating of P1 for the CPs and A2 for the MTNs. 3. UTILISATION OF THE PROCEEDS The proceeds raised from the issuance of the Notes shall be utilised for the following purposes: a) to repay all amounts outstanding under the Issuer’s existing commercial paper/medium term note programme of up to RM500.0 million in nominal value unless the same has been partly or fully repaid; b) to utilise RM30,000 to fund the Trustee’s Reimbursement Account as required under the SC’s Trust Deed Guidelines; c) to finance the investment activities, capital expenditure, working capital requirements and/or other general corporate purposes (including but not limited to future operating expenses and financing expenses i.e. the fees and expenses relating to the proposed CP/MTN Programme) of the Issuer and/or its subsidiaries and/or its jointly controlled entities; and d) to repay existing/future borrowings undertaken by the Issuer and/or its subsidiaries. This announcement is dated 28 October 2013. | |
Announcement Info
| Company Name | SUNWAY BERHAD |
| Stock Name | SUNWAY |
| Date Announced | 28 Oct 2013 |
| Category | General Announcement |
| Reference No | SS-131028-445D8 |