KUALA LUMPUR (Dec 20): PLUS SPV Bhd (PLUS SPV) has fully redeemed the RM1.8 billion outstanding amount under its sukuk issue of up to RM4.0 billion in nominal value under the Islamic principle of Musharakah (2008/2026).
RAM Rating Services Bhd said on Tuesday it had received confirmation from the facility agent about the redemption of the sukuk by PLUS SPV. The Sukuk had consequently been cancelled.
Following the redemption, RAM Ratings had withdrawn the AA1/stable rating and it did not had any more rating obligation on the Sukuk.
PLUS SPV is an independent special-purpose company through which PLUS EXPRESSWAYS BHD [] issued the sukuk to meet its funding requirements.
PLUS Expressways operates tolled roads, both in Malaysia and abroad. Under the Musharakah structure, the Sukuk holders’ recourse to PLUS Expressways is recognised via a purchase undertaking deed.
RAM Rating Services Bhd said on Tuesday it had received confirmation from the facility agent about the redemption of the sukuk by PLUS SPV. The Sukuk had consequently been cancelled.
Following the redemption, RAM Ratings had withdrawn the AA1/stable rating and it did not had any more rating obligation on the Sukuk.
PLUS SPV is an independent special-purpose company through which PLUS EXPRESSWAYS BHD [] issued the sukuk to meet its funding requirements.
PLUS Expressways operates tolled roads, both in Malaysia and abroad. Under the Musharakah structure, the Sukuk holders’ recourse to PLUS Expressways is recognised via a purchase undertaking deed.
