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RETAIL FUNDS | Cesar Tordesillas, Malaysia

Malaysia's Mid Valley Capital redeems RM200M bonds

Mid Valley Capital redeemed RM200 million balance on its bonds four years ahead of the expected maturity date to inject Mid Valley Megamall with the collateral for the bonds.
The expected maturity date is Sept 15, 2016.

RAM Rating Services Bhd has received confirmation that MVCap had redeemed the Class 1 Series C to F redeemable secured bonds (2004/2017).

"The early redemption follows the proposal to inject Mid Valley Megamall - the underlying collateral for the Bonds - into IGB Real Estate Investment Trust (IGB REIT)," it said.

Following the redemption, RAM Ratings has withdrawn the AAA rating of MVCap and no longer has any rating obligation on the bonds.

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