Breadcrumb

Asset Publisher

null Exsim Ventures fully redeems Tranche 1 IMTN ahead of maturity

press release

Exsim Ventures fully redeems Tranche 1 IMTN ahead of maturity

4 Jun 2021 | Friday source: RAM Ratings

RAM Ratings has received confirmation that Exsim Ventures Berhad has fully redeemed the outstanding RM68 mil Tranche 1 IMTN under its RM2 bil Sukuk Musharakah Programme on 4 June 2021, ahead of the expected maturity date of 28 February 2023. Accordingly, we have withdrawn the AA3/Stable rating of the Tranche 1 IMTN and no longer have any rating obligation in respect of it. Obligations under the accompanying RM35 mil unrated Tranche 1 ICP facility – structured to meet liquidity and cost overrun needs and guaranteed by Danajamin Nasional Berhad – have also been fully met and the facility cancelled upon full redemption of the Tranche 1 IMTN.

The early redemption follows the underlying project’s strong cashflow on account of its fully sold status. While construction progress stood at about 81% as at 22 May 2021, the project is on track to meet the targeted date of 15 November 2021 for the issuance of Certificate of Practical Completion. This provides a time buffer of about six months to the developer’s targeted Certificate of Completion and Compliance and Vacant Possession date in May 2022.

The Tranche 1 IMTN is backed by sale and purchase agreements signed with buyers for a high-rise commercial development – Scarletz Suites – located on Lorong Yap Kwan Seng, Kuala Lumpur. Exsim Ventures is a wholly owned subsidiary and special-purpose vehicle of Exsim Development Sdn Bhd. 

 

Published on 4 June 2021

 

Analytical contact
Liew Kar Ling
(603) 3385 2586
karling@ram.com.my

 

Media contact
Padthma Subbiah
(603) 3385 2577
padthma@ram.com.my

 

The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security’s market price or its suitability for a particular investor, nor does it involve any audit by RAM Ratings. The credit rating also does not reflect the legality and enforceability of financial obligations.

RAM Ratings receives compensation for its rating services, normally paid by the issuers of such securities or the rated entity, and sometimes third parties participating in marketing the securities, insurers, guarantors, other obligors, underwriters, etc. The receipt of this compensation has no influence on RAM Ratings’ credit opinions or other analytical processes. In all instances, RAM Ratings is committed to preserving the objectivity, integrity and independence of its ratings. Rating fees are communicated to clients prior to the issuance of rating opinions. While RAM Ratings reserves the right to disseminate the ratings, it receives no payment for doing so, except for subscriptions to its publications.

Similarly, the disclaimers above also apply to RAM Ratings’ credit-related analyses and commentaries, where relevant.

 

Published by RAM Rating Services Berhad
© Copyright 2021 by RAM Rating Services Berhad