Business
Refinancing of Defaulted Medium Term Notes
Refinancing of Defaulted Medium Term Notes.
About this update from Aseana Properties Limited
[{"type":"text","content":"\n\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 AS IT FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION WILL BE CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n24 June 2025\n \nASEANA PROPERTIES LIMITED\n(\"Aseana\" or the \"Company\")\n \nRefinancing of the Defaulted Silver Sparrow Bhd Medium Term Notes (the \"SSB MTN\")\n \nAseana (LSE: ASPL), a property developer in Malaysia listed on the main market of the London Stock Exchange, is pleased to announce that ICSD Ventures Sdn Bhd (\"ICSD\"), a wholly owned subsidiary of Aseana, has successfully secured a facility of up to 45.2 million Malaysian ringgit (\"RM\") from AmBank (M) Berhad (the \"New Facility\").\n \nThe New Facility will be utilised by ICSD to settle the remaining outstanding sum of the defaulted SSB MTN (principal, interest and other related costs) in full (totalling RM39.9 million) and to fund the re-opening of the Sandakan Hotel as well as for general working capital purposes.\n \nAs at 31 December 2024, the defaulted SSB MTN, which financed the Company's Sandakan Hotel asset and the Sandakan Harbour Mall owned by ICSD, stood at RM61 million (principal) with weighted average interest rate of 10.26% per annum. Receivers & Managers (the \"Receiver\") was appointed to ICSD on 5 November 2024 vide a debenture giving the holder thereof a fixed and floating charge over the present and future assets and properties of ICSD (as announced by the Company on 6 November 2024).\n \nAseana has executed fundraising exercises via the issuance of shares to a strategic shareholder and the disposal of treasury shares in February 2025 and March 2025 respectively, collectively raising c.US$6.5 million for the Company. The net proceeds have been predominantly utilised to partially repay the outstanding amounts due on SSB MTN, reduced the outstanding principal to c.RM37 million.\n \nThe New Facility has been put in place on more favourable financing terms than the SSB MTN including at a significantly lower interest rate (anticipated to be below 6% per annum) and up to 10 years of repayment period from the date of first drawdown...