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Quill Capita to issue RM270m notes
by hlk Mon 18 Jul 2011, 19:46
Quill Capita Trust (QCT), a real estate investment trust (REIT), will issue up to RM270 million secured Commercial Paper/Medium Term Notes (The CP/MTN) to refinance its previous bonds.
Chan Say Yeong, Chief Executive Officer, Quill Capital Management Sdn Bhd, the manager of QCT, said out of the total debts, RM190 million would be utilised for refinancing and the remaining RM80 million would be used for its future acquisition strategy and asset enhancement initiatives.
In a statement, QCT said most proceeds from the CP/MTN would be used to refinance the RM118 million Commercial Papers, maturing in November 2011, and the RM72 million Term-Loan maturing in November 2014.
Compared to the existing Commercial Papers and Term Loan which are secured against five QCT properties, the CP/MTN would only be secured against four QCT properties, it said.
The four properties are Quill Building 1 – DHL1, Quill Building 2 – HSBC, Quill Building 4 – DHL 2 and Tesco Building, Jelutong Penang.
Upon completion of the refinancing exercise, Quill Building 3 – BMW will be free from encumbrances, giving the manager the flexibility to utilise the asset for future borrowings. -- Bernama
Chan Say Yeong, Chief Executive Officer, Quill Capital Management Sdn Bhd, the manager of QCT, said out of the total debts, RM190 million would be utilised for refinancing and the remaining RM80 million would be used for its future acquisition strategy and asset enhancement initiatives.
In a statement, QCT said most proceeds from the CP/MTN would be used to refinance the RM118 million Commercial Papers, maturing in November 2011, and the RM72 million Term-Loan maturing in November 2014.
Compared to the existing Commercial Papers and Term Loan which are secured against five QCT properties, the CP/MTN would only be secured against four QCT properties, it said.
The four properties are Quill Building 1 – DHL1, Quill Building 2 – HSBC, Quill Building 4 – DHL 2 and Tesco Building, Jelutong Penang.
Upon completion of the refinancing exercise, Quill Building 3 – BMW will be free from encumbrances, giving the manager the flexibility to utilise the asset for future borrowings. -- Bernama
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