KUALA LUMPUR: Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd (Kesturi)'' expects the recent restructuring of the its debt notes will improve its liquidity and overall financial position.
The company said on Wednesday, Nov 10 the restructuring of its debt maturity would better match its cashflow generation abilities based on the revised traffic projections of the 18 km Duta-Ulu Kelang Expressway (DUKE Expressway) as of March.
Kesturi had completed the restructuring of its RM780 million sukuk istisna via buyback and cancellation of the sukuk istisna with a new issuance of up to RM820 million sukuk musyarakah medium term notes programme and RM50 million redeemable junior bonds.
The sukuk programme has a tenure of up to 19 years and carries a weighted average profit rate of approximately 6.80% per annum.
Malaysian Rating Corporation Bhd accorded a rating of AA-IS and A- for the sukuk programme and the junior bonds respectively.
The DUKE Expressway serves as a new access route between the east and west of the northern corridor of Kuala Lumpur, connecting the North Klang Valley Expressway at Jalan Duta and the SPRINT Highway on the west to the Middle Ring Road 2 (MRR2) at Ulu Kelang on the east of the Klang Valley.
The DUKE Expressway also provides a direct link to the existing KL-Karak Highway on the north for commuters traveling to the East Coast of the Peninsular and to Genting Highlands.
The user profile of DUKE Expressway consists mainly of urban commuters which is less sensitive to economic fluctuations.
Since opening, monthly average daily traffic has more than doubled from 45,514 in May 2009 to 96,994 in October 2010.'' It is projected to reach an annual average daily traffic of 94,085 by end of 2010.
The company said on Wednesday, Nov 10 the restructuring of its debt maturity would better match its cashflow generation abilities based on the revised traffic projections of the 18 km Duta-Ulu Kelang Expressway (DUKE Expressway) as of March.
Kesturi had completed the restructuring of its RM780 million sukuk istisna via buyback and cancellation of the sukuk istisna with a new issuance of up to RM820 million sukuk musyarakah medium term notes programme and RM50 million redeemable junior bonds.
The sukuk programme has a tenure of up to 19 years and carries a weighted average profit rate of approximately 6.80% per annum.
Malaysian Rating Corporation Bhd accorded a rating of AA-IS and A- for the sukuk programme and the junior bonds respectively.
The DUKE Expressway serves as a new access route between the east and west of the northern corridor of Kuala Lumpur, connecting the North Klang Valley Expressway at Jalan Duta and the SPRINT Highway on the west to the Middle Ring Road 2 (MRR2) at Ulu Kelang on the east of the Klang Valley.
The DUKE Expressway also provides a direct link to the existing KL-Karak Highway on the north for commuters traveling to the East Coast of the Peninsular and to Genting Highlands.
The user profile of DUKE Expressway consists mainly of urban commuters which is less sensitive to economic fluctuations.
Since opening, monthly average daily traffic has more than doubled from 45,514 in May 2009 to 96,994 in October 2010.'' It is projected to reach an annual average daily traffic of 94,085 by end of 2010.
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