BERJAYA SPORTS TOTO BHD [] (BToto) says its unit Sports Toto Malaysia Sdn Bhd proposed to undertake a medium term notes (MTNs) programme of up to RM800 million and it has received the approval fro the Securities Commission.
"The anticipated initial drawdown of the MTNs is expected to be sized approximately RM500 million, the proceeds of which will be principally utilized towards the refinancing of the BToto Group’s existing bank borrowings and for working capital," it said.
BToto said the MTN programme is an efficient and cost effective avenue to manage BToto group’s funding requirements.
Maybank Investment Bank Bhd is the principal adviser, lead arranger and joint lead managers together with AmInvestment Bank Bhd.
"The MTN programme is akin to a revolving credit facility where-in the tenure for the MTNs shall be above one year and up to 10 years as Sports Toto Malaysia may select in consultation with the joint lead managers," it said.
BToto said Malaysian Rating Corporation Bhd had on June 14 assigned a AA – rating with stable outlook on the MTN programme.
Written by Joseph Chin
The Edge Malaysia
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