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1MDB fully repays all bank and short-term debts

Mimi Sabreena 5:13:00 PM Free Malaysia Today, Mukah Pages

1mdb KUALA LUMPUR: 1MDB has announced, in a statement, that it has now fully repaid all its bank debt and short term debt following a settlement on Monday of a USD150 million term financing facility from EXIM Bank in advance of the repayment date.

“1MDB retains a cash surplus of approximately RM2.3 billion for infrastructure and other debt service requirements,” said the statement.

Over the past four weeks, added 1MDB, it has announced debt principal repayments of approximately RM7.25 billion. “This repayment on Monday marks the final milestone, with all of 1MDB bank debt and short term debt now fully repaid.”

The EXIM bank repayment was made by 1MDB subsidiary Timeline Zone Sdn. Bhd. The facility was entered into in March 2015 and proceeds were utilized, among others, to finance general corporate purposes including, but not limited to, working capital requirements and energy business related expenses.

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