INTI Universal Holdings Sdn Bhd (“INTI”) has successfully issued its first RM Bond issuance via a Guaranteed MTN (“Guaranteed MTN”) of RM165.0 million, guaranteed by the Credit Guarantee and Investment Facility (“CGIF”), a trust fund of the Asian Development Bank (“ADB”).

The proceeds from the Guaranteed MTN will be utilised for the operating expenditure of INTI Group which operates INTI International University Nilai, INTI International College Penang and INTI International College Subang. OCBC Bank (Malaysia) Berhad (“OCBC”) led the transaction by acting as the Principal Adviser, Lead Arranger, Lead Manager and Facility Agent for the Guaranteed MTN.

Established in November 2010 under the Asian Bond Market Initiative, CGIF’s mandate is to develop the local-currency bond markets in Japan, the People’s Republic of China, the Republic of Korea and the 10 ASEAN countries (collectively, ASEAN+3). CGIF is jointly contributed by the ASEAN+3 and ADB. CGIF’s development functions include guaranteeing bonds that hold at least investment grade ratings – based on local credit rating standards – as well as making investments for the development of the ASEAN+3 bond markets. CGIF is rated AA by S&P Global Ratings and AAA by RAM Ratings.

INTI is one of the largest private higher education service providers in Malaysia providing academic education for junior college, bachelor’s degree, master’s degree and doctorate degree programmes. INTI owns and operates INTI International University Nilai, INTI International College Penang, INTI International College Subang INTI College Sabah. INTI was acquired by Hope Education Group Company Limited (“HEG”) from Laureate Education Inc in 2020. HEG is one of the largest private education groups in China which owns and operates universities, higher education schools, technical colleges and schools in China, Hungary, Thailand and Malaysia.

Ms. Tan Ai Chin, Managing Director, Senior Banker & Head of Investment Banking of OCBC said, “OCBC is honoured to play a pivotal role to advise and lead this landmark transaction being the first CGIF guaranteed RM MTN in the private education industry. The Guaranteed MTN also garnered strong demand from investors with a bid-to-cover-ratio of about 3 times. We are glad to partner CGIF in this landmark transaction and we are confident that this collaboration has great potential benefit to INTI as it has enabled the company to tap into a diversified investor base through the vibrant RM capital market.  This transaction further reinforces the OCBC Group’s strength in providing financial advisory and supporting our customers in their businesses across our regional network.”

Mr. Hongwei Wang, Chief Executive Officer of CGIF said, “We are delighted to support INTI for its inaugural RM MTN issuance which enables them to diversify their funding sources. This transaction shows our commitment to the Malaysian bond markets and compliments CGIF’s efforts to add diversity to the issuer universe in Malaysia.  Following our successful support to HEG’s cross-border THB issuance in September, the transaction showcases our commitment not only in promoting debut issuers, but also strengthening cross-border bond market linkages between the ASEAN+3 under the AMBIF.”