Tuesday, November 1, 2011

Puncak Niaga sells debt notes to PAAB for RM328m

KUALA LUMPUR (Nov 1): PUNCAK NIAGA HOLDINGS BHD [] is selling all its Puncak Niaga (M) Sdn Bhd (PNSB) debt note to Pengurusan Aset Air Bhd (PAAB) for RM328.12 million.

Puncak Niaga said on Tuesday 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 the Minister of Finance Inc, which 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 and the notes were issued solely to Puncak Niaga.

On Nov 20, 2011, 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 on Nov 18, 2011.

Puncak Niaga also has a call option to redeem all outstanding notes at the outstanding notes at the full amount. The outstanding principal amount including the fifth mandatory partial repayment of RM54.68 million amounted to RM328.12 million.

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