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| Supermax to make early redemption of bonds |
| Written by Financial Daily | |||
| Tuesday, 03 November 2009 11:09 | |||
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In a statement to Bursa Malaysia, the glove manufacturer said the rationale behind the move was to obtain cost savings of RM2.4 million over the remaining tenure of the bond up to May 30, 2012 and to free the company from “overly restrictive covenants which have hampered the growth of the company over the past few years”. All the outstanding bonds amounting to RM90 million would be redeemed in whole, prior to the respective maturity dates of the bonds including interest accrued. “The early redemption is funded by way of a term-loan facility of up to an aggregate principal amount of up to US$16.5 million (RM56.56 million) and a term-loan facility of up to an aggregate principal amount of RM50 million, arranged by HSBC Bank Malaysia Bhd,” said the company, adding that a facility agreement was executed on Oct 31. This article appeared in The Edge Financial Daily, November 3, 2009.
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