KUALA LUMPUR: 1Malaysia Development Bhd (1MDB) has prepaid in full and in advance of the repayment date a RM2 billion facility from Marstan Investments NV.

This facility was entered into in February 2015 and proceeds were used to repay RM2 billion of debt owing to a syndicate of domestic banks, it said in a statement today.

"The facility was arranged for 1MDB by Tanjong, as an alternative to a commitment by Tanjong, to invest RM2 billion of equity in 1MDB subsidiary, Powertek Investment Holdings Sdn Bhd," it said.

It added that the repayment marked another major milestone in the 1MDB's rationalisation plan and further reduced 1MDB's short-term debt obligations. -- Bernama