Danajamin partners CIMB, RHB in RM420m financing for MRCB

PETALING JAYA: Danajamin Nasional Bhd has tied up with CIMB Islamic Bank Bhd and RHB Islamic Bank Bhd to provide financing worth RM420 million to Malaysian Resources Corp Bhd's unit Puncak Wangi Sdn Bhd.
In a statement yesterday, Danajamin said the fund will be used to develop a 32-storey office building in PJ Sentral which will be leased to a leading mobile service provider upon completion.
The financial guarantee insurer said the RM420 million syndicated financing comprises of a Danajamin-guaranteed RM200 million eight-year medium term notes programme (MTN) and a RM220 million Islamic term loan facility provided jointly by CIMB Islamic and RHB Islamic.
It said the first tranche of RM40 million MTN, rated AAA, was successfully issued yesterday and fully subscribed by investors.
"This syndicated fundraising is testament of how collaboration with Malaysia's leading banks together with Danajamin can unlock value that is, financing solutions, for our clients. Danajamin is proud to be part of this collaboration which will contribute towards the growth and development of the Petaling Jaya landscape," said Danajamin CEO Mohamed Nazri Omar.
CIMB Islamic, RHB Investment Bank Bhd and Alliance Islamic Bank Bhd are the joint principal advisers and joint lead arrangers for the MTN programme.