Date : 04 December 2017

OTHERS MULPHA INTERNATIONAL BHD ("MIB") (I) Issuance of US$70,000,000 Nominal Amount of Fixed Rate Notes Due 2020 by Mulpha MTN Limited, an indirect wholly-owned subsidiary of MIB; and (II) Redemption of US$90,000,000 Nominal Amount of Fixed Rate Notes Due 2019 issued by Mulpha SPV Limited, a wholly-owned subsidiary of MIB

MULPHA INTERNATIONAL BERHAD

Type Announcement
Subject OTHERS
Description
MULPHA INTERNATIONAL BHD ("MIB")
(I)   Issuance of US$70,000,000 Nominal Amount of Fixed Rate Notes Due 2020 by Mulpha MTN Limited, an indirect wholly-owned subsidiary of MIB; and
(II)  Redemption of US$90,000,000 Nominal Amount of Fixed Rate Notes Due 2019 issued by Mulpha SPV Limited, a wholly-owned subsidiary of MIB

1.     INTRODUCTION 

The Board of Directors of MIB wishes to announce that Mulpha MTN Limited (“Mulpha MTN”), a wholly-owned subsidiary of Mulpha Australia Limited (“MAL”), which in turn is a wholly-owned subsidiary of MIB, had on 1 December 2017, issued US$70,000,000 (equivalent to approximately RM286.3 million based on the exchange rate of US$1.00 : RM4.09) Nominal Amount of Fixed Rate Notes due 2020 (“Series 6 Notes”) under Mulpha MTN and Mulpha SPV Limited’s US$200,000,000 (equivalent to approximately RM818.0 million based on the exchange rate of US$1.00 : RM4.09) Medium Term Note Programme (“MTN Programme”).  Mulpha SPV Limited is also a wholly-owned subsidiary of MIB.

The MTN Programme was previously established by Mulpha SPV Limited.  Mulpha MTN was included as an additional issuer for the new issuance of notes under the MTN Programme prior to the issuance of the Series 6 Notes.

 

2.     DESCRIPTION OF THE SERIES 6 NOTES

The Series 6 Notes, which have been issued at an interest rate of 5.75% per annum payable semi-annually, are guaranteed by MAL (the holding company of Mulpha MTN) and will mature on 1 December 2020.  The Series 6 Notes are listed on The Stock Exchange of Hong Kong Limited. 

 

3.     UTILISATION OF PROCEEDS

The entire proceeds of US$70,000,000 from the issuance of the Series 6 Notes were utilised for the redemption of Series 5 US$90,000,000 (equivalent to approximately RM368.1 million based on the exchange rate of US$1.00 : RM4.09) Nominal Amount of Fixed Rate Notes (“Series 5 Notes”).  The remaining US$20,000,000 (equivalent to approximately RM81.8 million based on the exchange rate of US$1.00 : RM4.09) of the Series 5 Notes were redeemed via internally generated funds of MIB Group.

 

4.     EFFECTS OF THE ISSUANCE OF THE SERIES 6 NOTES AND REDEMPTION OF THE SERIES 5 NOTES

(a)   Share Capital and Substantial Shareholders’ Shareholdings 

The issuance of the Series 6 Notes and redemption of the Series 5 Notes will not have any effect on the share capital and substantial shareholders’ shareholdings of MIB.

                          

(b)   Net Assets

The issuance of the Series 6 Notes and redemption of the Series 5 Notes are not expected to have any material effect on the net assets of MIB Group.

 

(c)   Gearing and Earnings Per Share

The issuance of the Series 6 Notes and redemption of the Series 5 Notes have reduced the gearing of MIB Group by US$20,000,000. The interest savings from the reduced gearing and the lower interest rate payable under the Series 6 Notes are expected to increase the earnings per share of MIB Group by 1.76 sen per share annually. 

                       

 

This announcement is dated 4 December 2017.






Announcement Info

Company Name MULPHA INTERNATIONAL BERHAD
Stock Name MULPHA
Date Announced 04 Dec 2017
Category General Announcement for PLC
Reference Number GA1-04122017-00071


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