EVERSENDAI SECURES US$120M LOAN FACILITY

PETALING JAYA: Eversendai Corp Bhd has accepted a five-year syndicated term loan facility of US$120 million (RM502 million) from National Bank of Abu Dhabi PJSC (Labuan Branch), ExportImport Bank of Malaysia Bhd and Commercial Bank International PSC. It told Bursa Malaysia that the facility will be used to repurchase its outstanding Sukuk Musharakah of RM250 million and for working capital requirements. Eversendai noted that the facility would result in the company incurring interest expense. Nevertheless, the facility would be utilised to fund income generating activities, which are expected to contribute positively to the company’s earnings.