KUALA LUMPUR: Press Metal Aluminium Holdings Bhd’s recently-incorporated unit Press Metal (Labuan) Ltd plans to issue US-dollar denominated senior notes of up to US$400mil (RM1.7bil).

In a filing with Bursa Malaysia, South-East Asia’s largest aluminium smelter said that the net proceeds from the issuance of these Regulation S notes, if and when successfully issued, would be used to refinance existing debts and for general corporate purposes.

(Regulation S was enacted by the US Securities and Exchange Commission to allow offers of securities outside of the US without registration under the Securities Act.)

Press Metal said it had received Bank Negara’s approval on Friday for the issuance of these notes with a five-year tenure.

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