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IOI Properties subsidiary issues 1.2B ringgit of Islamic medium-term notes

IOI Properties Group Bhd.'s Fortune Premiere Sdn. Bhd. unit is issuing two tranches worth 1.2 billion ringgit combined of Islamic medium-term notes or sukuk murabahah.

The first tranche's size is 300.0 million ringgit, with a term of five-years and yield-to-maturity annual rate of 4.85%, while the other tranche has a seven-year term, a 5.05% yield-to-maturity annual rate and a size of 900.0 million ringgit.

The issuer and its parent plan to use proceeds from the notes for capital expenditure, working capital requirements, refinancing existing borrowings and/or general corporate purposes.

The notes are the third issuance under Fortune Premier's 3 billion-ringgit multi-currency sukuk murabahah program, the Malaysian real estate company said in a filing.

AmInvestment Bank Bhd., CIMB Investment Bank Bhd., Maybank Investment Bank Bhd. and RHB Investment Bank Bhd. are the joint lead managers for the issuance.

As of Sept. 6, US$1 was equivalent to 4.14 ringgit.