Lafarge's LMCB Converts S$225m Notes Into Inter-Company Loan

19.08.2013
 

Business

 

19 August 2013

 

Lafarge's LMCB Converts S$225m Notes Into Inter-Company Loan

 

KUALA LUMPUR: Lafarge Malaysia Bhd's unit LMCB Holding Pte Ltd has converted the S$225mil (RM580.69mil) fixed rate notes due 2013 into an inter-company term loan with M-Cement Sdn Bhd.

 

It said on Monday LMCB had executed a loan agreement with M-Cement to convert the notes into a five-year inter-company term loan. M-Cement is the sole noteholder.

 

Both LMCB and M-Cement are units of Lafarge Malaysia. The conversion of the notes into an inter-company loan does not have any impact on the consolidated net debt position of the Lafarge Malaysia Group.

 

Following the latest development, Lafarge Malaysia said the fiscal agency agreement signed on Aug 18, 2003 with Standard Chartered Bank, Singapore Branch had been terminated and the notes have been cancelled on Monday.