Starhill Global REIT to refinance medium-term notes issued by Malaysian SPV Ara Bintang Berhad

The refinancing was completed by issuing new five-year RM500m Fourth Senior Medium-Term Notes.

Starhill Global REIT has refinanced the five-year RM330m third senior medium term notes (Third Senior MTNs) previously issued by Ara Bintang Berhad (ABS SPV), a Malaysia a-incorporated bankruptcy remote special purpose vehicle.

The refinancing was completed by issuing new five-year RM500m Fourth Senior Medium-Term Notes (Fourth Senior MTNs), which are expected to mature in September 2029, with a legal maturity in March 2031.

Proceeds from the Fourth Senior MTNs were used to repay the Third Senior MTNs and to partially repay RM170m of the existing RM850m junior MTNs, previously issued by ABS SPV to SG REIT (M) Pte. Ltd. ("SG SPV"), a wholly-owned subsidiary of Starhill Global REIT, on its expected maturity.

The RM170m proceeds will be used by Starhill Global REIT to refinance its borrowings and/or for its general corporate funding requirements.

In addition, Starhill Global REIT, through SG SPV has also subscribed  for new five-year RM200m Ninth Junior Medium-Term Notes (Ninth Junior MTNs) issued by ABS SPV (Ninth Junior MTNs), and 480 million redeemable preference shares issued by ABS SPV at the subscription price of RM1.00 each.

Proceeds from this transaction were used to refinance the balance of the existing RM850m junior MTNs held by SG SPV on its expected maturity.