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KLCC Property refinancing Islamic bonds

Posted on 04 October 2011

KLCC Property Holdings Bhd, co-owner of the 88-story Petronas Twin Towers in Kuala Lumpur, is refinancing its Islamic bonds after market yields dropped to the lowest level in more than two years. The company will sell RM880 million (US$274 million) of 10-year securities to repay RM799 million of Syariah-compliant debt held by parent Petroliam Nasional Bhd, according to a Sept. 26 stock exchange filing.
KLCC will pay a RM35.3 million penalty to redeem the securities, which were due to mature in November this year and next, the statement said. The developer didn’t disclose who will buy the bonds……………………………………….Full Article: Source

 
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