Wednesday, September 21, 2011

PacificMas' unit accepts RM150m credit facilities

KUALA LUMPUR: PACIFICMAS BHD []'s unit Pac Lease Bhd has accepted an additional credit line of RM50 million from Cagamas Bhd and new credit facilities of RM100 million from Alliance Bank Malaysia Bhd.

It said on Wednesday, Sept 21, that Pac Lease accepted an additional credit line of RM50 million on the sale of hire purchase and leasing debts pursuant to the master sale and purchase agreement (Hire purchase and leasing debts - approved seller) from Cagamas.

Pac Lease's core activities are hire purchase, leasing, factoring and other financing services as well as distribution/marketing of financial products and services.

PacificMas said the arrangement would enable Pac Lease to sell its hire purchase and leasing debts on a recourse basis to Cagamas. The additional RM50 million brings the total credit line to RM200 million.

The security for the RM50 million is an additional corporate guarantee of RM50 million from PacificMas.

As for the RM100-million credit line from Alliance Bank, it said the revolving credit would be for working capital requirements. The security for the revolving credit is a corporate guarantee of RM100 million from PacificMas.

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