1MDB settles Deutsche Bank-led syndicated loan of US$975m

Kuala Lumpur

1MALAYSIA Development Bhd, the debt-ridden state investment company, has said that it repaid a US$975 million syndicated loan led by Deutsche Bank.

The repayment is part of 1MDB's plan to reduce its debt levels and in line with a strategy approved by the Malaysian cabinet, the company's president Arul Kanda said in an e-mailed statement on Monday. The government said last month that funds to repay the loan would come from Abu Dhabi's state-owned International Petroleum Investment Co (IPIC).