Published on 01 April 2014
RAM Ratings has received
confirmation that Selia Selenggara Selatan Sdn Bhd (Selia Selatan) has fully
redeemed its Senior Secured Serial Bonds and Junior Secured Serial Notes B on
31 March 2014. On the same date, Selia Selatan’s RM124 million Junior Secured
Serial Notes C (Junior Notes C) was fully redeemed by way of a RM47.65 million
advance payment to the noteholders, cash of RM0.35 million and conversion of the
remaining Junior Notes C into redeemable convertible preference shares.
Accordingly, we have withdrawn
the respective AAA(bg), C1 and C3 ratings of the said facilities. Selia Selatan
is a special-purpose vehicle with the exclusive right to maintain federal roads
in Negeri Sembilan, Melaka and Johor under a Privatisation Agreement with the
Government of Malaysia that expires on 16 February 2026.
Media contact
Asif M Noh
(603) 7628 1175
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