Hatten Land unit to issue RM15.7m 6% notes due 2021

PROPERTY developer Hatten Land on Wednesday said its subsidiary MDSA Resources will be issuing RM15.7 million (S$5.1 million) worth of 6 per cent notes due Sept 24, 2021.

Gross proceeds from the issue of the notes will be used to repay in full the balance of the outstanding notes from the subsidiary's first issuance of the first tranche under the medium-term note programme, which matured on Wednesday.

Noteholders of the first issuance under the first tranche have agreed to subscribe for the new notes, Hatten Land said in a press statement.

MDSA Resources established the medium-term note programme in 2017.

Hatten Land said the notes will not be offered in Singapore.

Kenanga Investment Bank is the principal adviser, lead arranger, lead manager and facility agent of the medium-term note programme.

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Shares of Catalist-listed Hatten Land closed flat at 5.8 Singapore cents on Wednesday, before the announcement.