Published on 11 Mar 2020.
KMCOB Capital Berhad’s (KMCOB or the Company) bondholders have called an event of default after the Company failed to meet the principal repayment on the RM55 mil Series E of its RM320 mil Guaranteed Serial Bonds (2013/2020) (Guaranteed Bonds) on 28 February 2020. This had accelerated the repayment of all outstanding bonds, namely Series E and the remaining RM50 mil Series F of the Guaranteed Bonds. The bondholders had also called upon the unconditional and irrevocable financial guarantee on the facility, provided by Danajamin Nasional Berhad (rated AAA/Stable/P1 by RAM). RAM Ratings has received confirmation of the full repayment of the Guaranteed Bonds. We will withdraw the AAA(fg) rating of the Bonds once they are cancelled.
Series E and Series F of the Guaranteed Bonds had respective original maturity dates of 13 December 2019 and 14 December 2020. At the Company’s request and with bondholders’ consent, Series E’s principal repayment date was extended to 28 February 2020. Ultimately owned by Scomi Energy Services Bhd, KMCOB is a funding conduit of Scomi Oilfield Limited.
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Ratings on KMCOB Capital Berhad