KUALA LUMPUR: LION INDUSTRIES CORPORATION [] Bhd's Antara Steel Mills Sdn Bhd issued RM180 million of debt notes under the Islamic Securities Programme on Tuesday, June 28.
The company said the remaining RM120 million would be issued on Wednesday.
The RM300 million sukuk is guaranteed by Danajamin Nasional Bhd.
Antara Steel Mills is a unit of Amsteel Mills Sdn Bhd, which is in turn a 99% owned subsidiary of Lion Industries.
The tenor for the programme is seven years, starting from the date of issuance, with the repayment to start in the third year.
Lion Industries had said the debt issue would enable Antara to tap into the domestic capital market at competitive interest rates. Antara will have cash inflow of RM300 million of which RM130 million will be utilised to refinance the outstanding existing Islamic securities which were issued by Antara in year 2005.
The balance would be used to fund Antara's capital expenditure and the working capital requirements of Antara's plants in Johor and Labuan.
The company said the remaining RM120 million would be issued on Wednesday.
The RM300 million sukuk is guaranteed by Danajamin Nasional Bhd.
Antara Steel Mills is a unit of Amsteel Mills Sdn Bhd, which is in turn a 99% owned subsidiary of Lion Industries.
The tenor for the programme is seven years, starting from the date of issuance, with the repayment to start in the third year.
Lion Industries had said the debt issue would enable Antara to tap into the domestic capital market at competitive interest rates. Antara will have cash inflow of RM300 million of which RM130 million will be utilised to refinance the outstanding existing Islamic securities which were issued by Antara in year 2005.
The balance would be used to fund Antara's capital expenditure and the working capital requirements of Antara's plants in Johor and Labuan.
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