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aws(全区)号(www.2km.me)_IOI Corp offers to buy debt notes

admin2021-10-2928

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KUALA LUMPUR: IOI Corp Bhd’s unit IOI Investment (L) Bhd has announced plans to purchase its outstanding US$600mil (RM2.5bil) 4.375% notes, which are due in 2022.

The notes are guaranteed by IOI Corp under the US$1.50bil (RM6.25bil) euro medium term note (MTN) programme.

IOI Investment (the offeror) has invited holders of the said outstanding notes to either submit tenders to purchase their notes for cash on the terms and in the tender offer to be despatched to them, according to IOI Corp in a filing with Bursa Malaysia yesterday.

The group noted that the offer, which is in conjunction with the issuance of the new notes, is part of the group’s proactive management of its funding and capital structure.

The notes purchased by the IOI Investment pursuant to the offer are expected to be cancelled and will not be re-issued or resold.

IOI Corp said: “The offeror will pay (on the settlement date) for any notes validly tendered and accepted for purchase by it pursuant to the offer – a purchase price of US$1,023 (RM4,268) per US$1,000 (RM4,172) of the nominal amount of such notes.

“IOI Investment will also pay (on the settlement date) an accrued interest payment in respect of any notes accepted by it for purchase pursuant to the offer.”

The offer, which commenced yesterday will expire on Oct 27.

Meanwhile, Moody’s Investors Service, in its latest report, expected IOI Corp’s leverage to decline due to stronger earnings growth amid high crude palm oil (CPO) prices and debt reduction.

The rating agency noted that IOI’s adjusted leverage – as measured by adjusted debt/earnings before interest, tax, depreciation and amortisation (Ebitda) – to decline to around 2.5 times over the next 12 to 18 months from 3.3 times for the fiscal year ended June 2021.

“This improvement will be driven by earnings growth amid high CPO prices and debt reduction of around RM400mil to RM500mil with cash on hand,” it said.

Moody’s said the demand for IOI’s palm oil products has remained solid despite the pandemic, and the company’s operations have not been significantly disrupted by periodic movement control restrictions in Malaysia.In addition, the high CPO price has boosted earnings at IOI’s plantations segment in recent quarters, despite lower CPO production amid heavy rainfall and a decline in mature planted hectarage as older trees were replanted.

In the report, Moody’s has affirmed the group’s Baa2 issuer rating, the Baa2 backed senior unsecured bond ratings of IOI Investment (L) Bhd, and the Baa2 backed senior unsecured bank credit facility rating of IOI Ventures (L) Bhd.

It has also affirmed the provisional (P) Baa2 backed senior unsecured rating on IOI Investment’s medium-term note programme.

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  • 2021-10-29 00:09:55

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