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Update: Quill Retail Malls refinancing exercise on track to meet sukuk redemption on 30 June 2022
Published on 16 Jun 2022.
Quill Retail Malls Sdn Bhd (QRMSB) expects to fully redeem the outstanding sum under its RM350 million Sukuk Murabahah on 30 June 2022 via issuance proceeds from two unrated guaranteed medium term notes (MTN) facilities. QRMSB exercised the call option under the Sukuk Murabahah on 11 April 2022.
Sukukholders had previously approved (i) a proposed extension of time (EOT) from 6 May 2022 to 30 June 2022 to allow QRMSB to satisfy the purchase consideration under the call option; and (ii) a waiver of the requirement of a bank guarantee (BG) facility and all other terms related to it during the EOT period. The BG was intended to meet any shortfall in profit payment obligations or Reserve Account requirements throughout the tenure of the Sukuk Murabahah.
Based on the management’s latest progress update on 7 June 2022, all necessary conditions precedent of the guaranteed MTN facilities have been met and is on schedule to enable issuance by 30 June 2022.
RAM Ratings understands that the financial guarantee insurance policies for the unrated MTN facilities are expected to be issued by 17 June, after which the MTN issue request will be submitted on the same date for issuance within eight business days.
We will continue to monitor the progress of the refinancing exercise and expect to withdraw the issue ratings upon full redemption of the sukuk.
Analytical contacts
L Nurisya Abdullah
(603) 3385 2492
nurisya@ram.com.my
Lim Chern Yit
(603) 3385 2528
chernyit@ram.com.my
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