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MARC Ratings Assigns Ratings on Kinabalu Capital's Issue 3
28 Feb 2022 | Monday source: MARC
MARC Ratings has assigned long-term ratings of AAA, AA and A to Kinabalu Capital Sdn Bhd's Issue 3 of RM113 million Class A, RM21 million Class B and RM11 million Class C Medium-Term Notes (MTN). The ratings outlook is stable.
Kinabalu Capital is a special purpose funding vehicle for its parent Sentral REIT and is undertaking the third issuance (Issue 3) under its RM3.0 billion MTN programme. Proceeds of RM130 million from Issue 3 will be used to repay the outstanding RM130 million MTN under Issue 2 which matures on March 4, 2022. The Issue 3 MTN will be secured by a third-party first legal charge on the collateral properties, namely Quill Buildings 1, 3 and 4 as well as Lotuss Penang. The collateral properties have a combined net lettable area (NLA) of 583,685 sq ft.
