Friday, August 5, 2011

Prestar secures RM60m loan, mainly to repay debt notes

KUALA LUMPUR: PRESTAR RESOURCES BHD [] has secured Islamic banking facilities not exceeding RM60 million from AmIslamic Bank Bhd.

The company said on Friday, Aug 5 that RM50 million would be used to repay the balance outstanding amount of Prestar's seven years commercial papers, which expire on Sept 7, 2012. The debt notes were raised and underwritten by the RHB Bank Bhd.

The tenure for RM30 million of RM50 million debt notes would be from the first day of the following month from the date of full disbursement.

Apart from the RM50 million, the remaining RM10 million would be for working capital.

Prestar said the Islamic banking facilities would be secured by a first party first fixed charge over a parcel of freehold land with factory buildings and office, measuring 517,948 sq feet in built-up area, in the Rawang industrial estate.

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