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Quill Capita Trust secures RM270m CP/MTN

KUALA LUMPUR: Quill Capita Trust (QCT), a real estate investment trust (REIT), has entered into a programme agreement with Malaysian Trustees Bhd to issue up to RM270 million secured commercial paper/medium term notes (CP/MTN), said Quill Capita Management Sdn Bhd (QCM).

According to an announcement by QCT, the proceeds will be used to refinance the RM118 million commercial papers maturing in November 2011 and RM72 million term loan maturing in November 2014.

While the existing commercial papers and term loan are secured against five QCT properties, the CP/MTN will only be secured against four QCT properties. The four properties secured for the RM270 million loan are Quill Building 1-DHL1, Quill Building 2-HSBC, Quill Building 4-DHL 2 and Tesco Building, Jelutong, Penang.

Upon completion of this refinancing exercise, Quill Building 3-BMW will be free from encumbrances, giving the QCM the flexibility to utilise this asset for future borrowings.

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