KUALA LUMPUR (Sept 29): Sunway Bhd's 60%-owned subsidiary Sunway Parkview Sdn Bhd has issued RM300 million of medium term notes (MTNs), the first tranche under its RM999 million medium term notes (MTN) programme.

In a filing with Bursa Malaysia today, Sunway said the MTN programme will have a tenure of up to 30 years from the date of the first issue, which allows Sunway Parkview to issue different tranches of MTNs from time to time. 

The first tranche are issued in four series, with tenure of between nine and 12 years. These notes are guaranteed by Sunway up to 60% of the indebtedness and are secured by among others, charge over lease on 10 parcels of adjoining development land measuring 152.73 acres in Johor, which is earmarked for residential and commercial use.

Sunway said the proceeds raised from the first tranche of the MTNs will be used to part finance or reimburse Sunway Parkview’s cost of acquiring the lease(s) over the lands from Sunway Iskandar Sdn Bhd.

Public Investment Bank Bhd is the principal adviser and lead arranger for the MTN programme.

Sunway shares closed up five sen or 2.79% at RM1.84 today, for a market capitalisation of RM8.9 billion.