PUTRAJAYA: Acqua SPV Bhd, a special-purpose vehicle set up by Pengurusan Aset Air Bhd (PAAB), has acquired 99.6% of Selangor water bonds amounting to RM5.8bil in nominal value.
PAAB chief executive officer Datuk Ahmad Faizal Abdul Rahman said bondholders would be paid accordingly within this month.
“It (the payment) depends on the maturity because different bond tranches have different maturity. And for the different programmes we need to give seven days notice, some 14-day or 21-day. That’s why we give up to end-June,” he said at a press conference after a signing ceremony between PAAB and Penang government on a water restructuring deal.
Faizal said the offer acceptance had been completed and it was not on the payment. He stressed that the payment from PAAB would not be an issue.
He said the offer took into account various factors such as the ratings, current yields, coupon structures and levels of liquidity of the bonds. “We are confident in achieving the 100% target within this week, pending official confirmation from several bondholders who have given positive indication earlier,” Faizal said.
According to documents obtained by StarBiz on May 24, Acqua SPV will pay the bondholders based on their relevant purchase yield to maturity.
The offer documents provided a comprehensive table explaining the settlement value and the payment will be made to bondholders by June 30.
A source said PAAB had identified the remaining three bondholders and was certain it would be able to convince them.
The source said the offer was a “fair value” and the acceptance level by PAAB indicated that it was a good offer.
Acqua SPV had on May 20 made an offer to buy the Selangor water bonds to the existing bondholders of Syarikat Bekalan Air Selangor Sdn Bhd, Syarikat Pengeluaran Air Sungai Selangor Sdn Bhd, Puncak Niaga Sdn Bhd, Titisan Modal Sdn Bhd and Viable Chip Sdn Bhd under seven bond programmes.
In a statement yesterday, Acqua SPV the exercise was seen as an interim measure to consolidate the assets and liabilities of the water operators while negotiations between the Federal Government and the Selangor state government on the restructuring of the state water industry continue.
“This acquisition, however, will not relieve any existing obligations of the issuer under the current terms and conditions of the respective bond programme,” it said, adding that Acqua SPV was merely taking over the ownership and role of the existing bondholders.
It said the protracted negotiations between the Federal Government and the state government on the restructuring of the water industry in Selangor had resulted in the deterioration of cashflows of the water concessionaires, seriously jeopardising the ability to service the bonds. — By LEONG HUNG YEE
No comments:
Post a Comment