Genting Malaysia to raise US$112.69m for IR development
Genting Malaysia plans to issue medium-term notes to fund the development and redevelopment of its properties and resorts.
Malaysia.- Genting Malaysia has announced through a company filing that it plans to raise US$112.69m in three tranches via medium-term notes to finance the development and redevelopment of its resorts and properties, including Genting Highlands.
The group is set to raise the first tranche of RM250m (US$56.34m) for five years at a rate of 5.07 per cent per year. The second tranche of RM150m (US$33.81m) will carry a term of seven years at 5.35 per cent and the third tranche of RM100m (US$22.54m) ten years at 5.52 per cent. The funds are part of the RM5bn (US$1.13bn) programme the company launched in 2014.
Meanwhile, the company has revealed that it plans to use the proceeds from its sale of land in Miami to finance future investments. It plans to use US$1bn of the funds from the US$1.22bn sale of its 15.47-acre property within 48 months. Anything left will be directed towards general working capital.
Genting sold the land to Terra Group real estate developer Smart City Miami. It had initially purchased three Miami plots in 2011 for US$246m, followed by the acquisition of a fourth parcel in May 2017 for US$13m.