KUALA LUMPUR: Puncak Niaga Holdings Bhd is selling all its Puncak Niaga (M) Sdn Bhd (PNSB) debt notes to Pengurusan Aset Air Bhd (PAAB) for RM328.12 million.
Puncak Niaga said yesterday it had signed a conditional sale and purchase agreement with PAAB’s special purpose vehicle — Acqua SPV Bhd — to sell all its redeemable, unsecured, coupon bearing notes.
PAAB is a unit of Minister of Finance Inc that was set up in May 2006 to restructure the water services industry in the country.
To recap, PNSB had issued the debt notes of up to RM546.87 million in May 2001, with the notes issued solely to Puncak Niaga.
On Nov 20, 2010, Puncak Niaga had in turn issued redeemable, secured, coupon bearing notes of up to RM546.87 million in nominal value and the proceeds were used to subscribe for the notes issued by PNSB.
The holders of the Puncak Niaga notes can exercise a put option to Puncak Niaga to repurchase all or some of these notes on the put date of Nov 18.
Puncak Niaga also has a call option to redeem all outstanding notes at the full amount. The outstanding principal amount, including the fifth mandatory partial repayment of RM54.68 million, amounts to RM328.12 million.
This article appeared in The Edge Financial Daily, November 2, 2011.
Puncak Niaga said yesterday it had signed a conditional sale and purchase agreement with PAAB’s special purpose vehicle — Acqua SPV Bhd — to sell all its redeemable, unsecured, coupon bearing notes.
PAAB is a unit of Minister of Finance Inc that was set up in May 2006 to restructure the water services industry in the country.
To recap, PNSB had issued the debt notes of up to RM546.87 million in May 2001, with the notes issued solely to Puncak Niaga.
On Nov 20, 2010, Puncak Niaga had in turn issued redeemable, secured, coupon bearing notes of up to RM546.87 million in nominal value and the proceeds were used to subscribe for the notes issued by PNSB.
The holders of the Puncak Niaga notes can exercise a put option to Puncak Niaga to repurchase all or some of these notes on the put date of Nov 18.
Puncak Niaga also has a call option to redeem all outstanding notes at the full amount. The outstanding principal amount, including the fifth mandatory partial repayment of RM54.68 million, amounts to RM328.12 million.
This article appeared in The Edge Financial Daily, November 2, 2011.
