Malaysia's SunREIT Capital establishes RM 3 billion MTN program

By Marisa Wong

Madison, Wis., Oct. 14 - Sunway Real Estate Investment Trust announced that its wholly owned subsidiary, SunREIT Capital Bhd., plans to issue medium-term notes under a RM 3 billion MTN program.

SunREIT Capital received approval for the program from the Malaysia Securities Commission on Oct. 12.

HSBC Bank Malaysia Bhd., Maybank Investment Bank Bhd. and RHB Investment Bank Bhd. are the joint principal advisers and joint lead arrangers for the program.

SunREIT Capital plans to issue an initial tranche of RM 1.56 billion of notes. The notes will be issued in five classes, A through E.

The MTN program has an expected tenor of 18 years.

Notes under the program may be issued via direct/private placement, on a bought deal basis or on a bookrunning basis.

Proceeds from the program will be used by Sunway REIT to finance investment activities, to refinance existing or future borrowings, for working capital and to refinance maturing notes.

The real estate investment trust is based in Petaling Jaya, Malaysia.

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