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KUALA LUMPUR (March 16): Sunway Real Estate Investment Trust (KL:SUNREIT) is establishing a sustainability-linked commercial papers (SLCPs) programme of up to RM3 billion in nominal value.
In a filing with Bursa Malaysia, Sunway REIT said its special purpose vehicle SUNREIT Capital Bhd lodged the required documents for the establishment of the programme with Securities Commission Malaysia on Friday.
The programme has a tenure of seven years from the date of first issuance of the commercial papers.
The proceeds raised will be used for working capital requirements and the repayment of existing or future borrowings. They will also go towards financing investment activities, including capital expenditure.
In addition, the proceeds will be utilised to refinance maturing SLCPs on their respective maturity dates subsequent to first issuance, Sunway REIT added.
The SLCPs have been assigned a P1(s) rating by RAM Rating Services Bhd, while the SLF Framework has been accorded a Gold Sustainable Finance Rating and an Aligned disclosure level by RAM Sustainability Sdn Bhd.
Public Investment Bank Bhd is the principal adviser, lead arranger and lead manager for the programme.
Sunway REIT units closed down one sen or 0.41% to RM2.40 on Friday, giving the investment trust a market capitalisation of RM8.22 billion.
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