targets, with the deferred interest to be
repaid with the principal at maturity.
CP Prima defaulted on those bonds in
mid-2017, but it was already in talks with
investors and 55.94% of holders had already
signed a restructuring support agreement
by then.
Under the restructuring proposal,
Blue Ocean will exchange the existing
notes for US$145.75m of new December
2021 secured notes, plus mandatory
exchangeable bonds. Bondholders signing
the restructuring support agreement were
offered a proportional share of US$20m in
cash as a consent payment.
A court hearing of the scheme of
arrangement is expected to be held this
month.
CP Prima is majority owned by the
Jiaravanon family, who are behind
Thailand’s Charoen Pokphand Group.
EQUITY CAPITAL MARKETS
› SARIMELATI PRICES IPO AT BOTTOM
Pizza Hut franchisee SARIMELATI KENCANA has
priced its IPO of up to Rp1trn (US$72m)
at the bottom of the Rp1,100–Rp1,350
per share, according to a person with
knowledge of the transaction.
Books were well oversubscribed and the
top 10 investors got 55% of the book.
Long-only investors comprised 85% of the
investors.
Shares will start trading on the Indonesia
Stock Exchange on May 23.
Up to 918.7m shares, or 30% of the
enlarged capital, were to be sold in the IPO.
Of these 604.4m were primary and 314.3m
secondary.
Raya and Mountain High Investments
were the vendors of the secondary shares.
Sarimelati has held the Pizza Hut
franchise in Indonesia since 1984 and
operates more than 200 restaurants across
the country.
CIMB, CLSA and Mandiri were the joint
global coordinators.MALAYSIA
DEBT CAPITAL MARKETS
› GENTING BETS ON NEW PROGRAMMEGaming and resorts company GENTING
MALAYSIA has established a M$3bn (US$775m)
MTN programme with CIMB and Maybank as
joint principal advisers and lead arrangers.
GENM Capital will be the issuer of
the notes, which will be irrevocably and
unconditionally guaranteed by parent
Genting. The notes are rated AAA by RAM.
Proceeds are to meet operating expenses,
capital expenditure, debt refinancing,
working capital and investment needs.
Genting last visited the bond market in
October when it made a US$500m tap of
its 4.25% senior bonds due January 24 2027.
It also sold M$2.6bn of five, 10 and 15-year
notes in March last year.› RAY OF SUN AS QUANTUM PAYS COUPONQUANTUM SOLAR PARK SEMENANJUNG has paid the
first coupon on its M$1bn Green SRI lslamic
bond, allaying some concerns arising from
delays in completing solar power projects.
The Malaysian company is building
three solar power plants with a combined
generating capacity of 150MW at a cost of
M$1.24bn. The plants were originally due
to be completed by end-2017, but the delays
pushed the commercial operation date first
to March 31 and then to end-June 2018.
No reason was given for the delays, but
Marc Rating said in a statement that theywould not lead to any breach in covenants
related to the minimum finance service
cover ratio.
Under the sukuk agreement, any project
cost overruns will be covered by the project
company’s sponsors under a M$50m
contingency equity fund backed by a bank
guarantee or cash injections. In addition,
pre-funding requirements under the sukuk
agreement contained sufficient funds to
pay the first coupon, made on April 6, and
for the second coupon payment. It is not
clear when the second coupon is due.
Marc also noted that an additional
liquidity buffer was extended by Scatec
Solar Solutions Malaysia, which was
hired to construct the projects. The
buffer is in the form of a deferment of a
final 5% payment from the engineering,
procurement and construction contractor
for up to one year after commercial
operations begin.
As a result, Marc has kept the rating
on Quantum Solar’s bonds at AA–. The
company is a subsidiary of Quantum Solar
Park Malaysia, a joint venture between
ItraMAS Technology, MalTechPro and
CamLite.The 33-tranche sukuk was
privately placed last October with tenors
of 1.5 years to 17.5 years, paying coupons
of 4.81% to 6.16%. CIMB and Maybank were
joint lead managers and bookrunners.› HLFG TAKES MTN ROUTEHONG LEONG FINANCIAL GROUP has set up a
M$1.8bn CP/MTN programme, which has
earned respective ratings of P1/AA1 from
RAM.
The new programme is in addition to
a M$25bn multi-currency programme
that was set up in November 2017. Under
the older programme, HLFG is allowed to
sell senior notes, subordinated Tier 2 and
Additional Tier 1 capital securities. The new
one only allows senior notes to be sold.
HLFG, Malaysia’s fifth-largest integrated
Top bookrunners of all Malaysian ringgit bonds
1/1/18 – 30/4/18
Amount
Name Issues M$(m) %
1 RHB 14 8,502.7 24.4
2 CIMB Group 17 8,150.4 23.4
3 Maybank 14 5,231.5 15.0
4 AMMB 14 4,354.3 12.5
5 K&N Kenanga 6 1,551.7 4.5
6 Affin 3 1,250.9 3.6
7 HSBC 2 1,100.0 3.2
8 Bank Islam Malaysia 2 845.2 2.4
9 OCBC 2 561.9 1.6
10 Cagamas Bhd 1 450.0 1.3
Total 48 34,819.5
*Market volume
Proportional credit
Source: Thomson Reuters SDC Code: AS8
Top bookrunners of Malaysia syndicated loans
1/1/18 – 30/4/18
Amount
Name Deals US$(m) %
1 Mizuho 2 2,051.7 24.7
2* UOB 1 2,000.0 24.1
2* Standard Chartered 1 2,000.0 24.1
2* HSBC 1 2,000.0 24.1
5* SMFG 1 51.7 0.6
5* Hong Leong Financial 1 51.7 0.6
5* Citigroup 1 51.7 0.6
5* MUFG 1 51.7 0.6
5* BNP Paribas 1 51.7 0.6
Total 2 8,310.0
* Based on market of syndication and market total
Proportional credit
Source: Thomson Reuters SDC Code: S14bMalaysia global equity and equity-related
1/1/18 – 30/4/18
Amount
Name Issues US$(m) %
1 CIMB Group 2 176.5 18.6
2 JP Morgan 1 160.4 16.9
3 Maybank 3 147.0 15.5
4 RHB 6 130.6 13.8
5 BNP Paribas 1 128.6 13.6
6 TA Sec 10 41.6 4.4
7 M and A Sec 4 33.3 3.5
8 K&N Kenanga 3 24.8 2.6
9* Yuanta Financial 1 23.5 2.5
9* Crosby Securities 1 23.5 2.5
Total 47 949.3Source: Thomson Reuters