Friday, Jul 13, 2001
- Up to RM235 million nominal amount of Guaranteed Revolving
Underwritten Notes Issuance Facility (GRUNIF) (2000/2005) MARC-1 (bg)
- RM100 million Guaranteed Serial Fixed Rate Bonds (Bonds) (2000/2005) AA- (bg)
JCD secured the above listed facilities in January 2000. JCD is scheduled to make the first repayment of RM42.6 million and RM19 million with respect to the GRUNIF and the Bonds on 18 July 2001 as per the Bank Guarantee Facility Agreement (BGFA) and the related agreements constituting JCD’s obligations under the GRUNIF and Bond facilities. JCD may not be in a position to honour the first scheduled obligation as stipulated, the non-payment of which constitutes an event of default under the relevant provisions of the aforesaid agreements. This could potentially lead to the acceleration of the principal and interest on the abovementioned facilities.
JCD is a wholly owned subsidiary of Johor Corporation (JCorp). The JCorp Group is currently working through a restructuring proposal with the Corporate Debt Restructuring Committee.
The GRUNIF and Bonds are rated AA-(bg) and MARC-1(bg) respectively based on the strength of the unconditional and irrevocable guarantees provided by a consortium of banks. In the event of a default by JCD, noteholders and bondholders would have a claim against the bank guarantors subject to the limits of their liability as set out in the guarantees.
Underwritten Notes Issuance Facility (GRUNIF) (2000/2005) MARC-1 (bg)
- RM100 million Guaranteed Serial Fixed Rate Bonds (Bonds) (2000/2005) AA- (bg)
JCD secured the above listed facilities in January 2000. JCD is scheduled to make the first repayment of RM42.6 million and RM19 million with respect to the GRUNIF and the Bonds on 18 July 2001 as per the Bank Guarantee Facility Agreement (BGFA) and the related agreements constituting JCD’s obligations under the GRUNIF and Bond facilities. JCD may not be in a position to honour the first scheduled obligation as stipulated, the non-payment of which constitutes an event of default under the relevant provisions of the aforesaid agreements. This could potentially lead to the acceleration of the principal and interest on the abovementioned facilities.
JCD is a wholly owned subsidiary of Johor Corporation (JCorp). The JCorp Group is currently working through a restructuring proposal with the Corporate Debt Restructuring Committee.
The GRUNIF and Bonds are rated AA-(bg) and MARC-1(bg) respectively based on the strength of the unconditional and irrevocable guarantees provided by a consortium of banks. In the event of a default by JCD, noteholders and bondholders would have a claim against the bank guarantors subject to the limits of their liability as set out in the guarantees.