MARC has received confirmation from Inverfin Sdn Bhd (Inverfin) that noteholders’ approval has been obtained for the proposed buy-back of the company’s outstanding notes under its RM200.0 million Commercial Papers/Medium-Term Notes (CP/MTN) programme. To date, Inverfin’s total obligation under the CP/MTN programme stands at RM160.0 million Class A CP/MTN notes, currently rated at MARC-1/AAA.

The buy-back of the outstanding notes under the CP/MTN Programme was proposed in connection with IOI Corporation Bhd’s execution of a conditional sale and purchase agreement to acquire Inverfin for RM586.73 million from its three vendors on August 29, 2008. MARC has been informed that the proposed buy-back exercise will be completed by October 2008, subject to regulatory approvals, and the respective ratings will be withdrawn upon cancellation of the notes.

Inverfin was incorporated for the purpose of developing Menara Citibank and the adjoining Nikko Hotel. Inverfin’s shareholders are Menara Citi Holding Company Sdn Bhd (50%), CapitaLand Ltd (30%) and Amsteel Corporation Bhd (20%). Since the sale of Nikko Hotel in 1998, the company’s principal activities are limited to property investment and office management of its single property, Menara Citibank, a 50-storey office building that serves as collateral for the rated CP/MTN notes.

Contact: 
Chia Suil Fun, Tel/email: (603) 2092 5398/ sfchia@marc.com.my;
Azlina Mohamed Noor Beg, Tel/email: (603) 2092 5398/ azlina@marc.com.my