Berjaya Times Square car park operator seeks to extend RM220m MTN programme

KUALA LUMPUR (Oct 5): BTS Car Park Sdn Bhd — a wholly-owned company and car park operator of Berjaya Times Square Sdn Bhd, which in turn is owned by Berjaya Assets Bhd — is seeking to extend the tenure of its current medium term note (MTN) programme of up to RM220 million for two years. 

The company’s MTN programme of up to RM220 million in nominal value comprises senior MTNs of up to RM180 million and junior MTNs of up to RM40 million. 

The facility agent for the MTN programme, OCBC Bank (Malaysia) Bhd, posted a request to Bank Negara Malaysia’s Fully Automated System for Issuing/Tendering (FAST) website today. 

OCBC said BTS Car Park, as the issuer, has requested for indulgence to extend the tenure of its MTN Series 1 from June 1, 2021 to June 1, 2023. The company also seeks to revise the loan-to-value ratio to not more than 70%. 

Additionally, BTS Car Park wants to revise the term for the coupon minimum required balance from an amount equal to at least RM5.2 million to an amount equivalent to at least the coupon payment falling due and payable for the next six months, said OCBC. 

It also seeks to allow the coupon minimum required balance to be progressively built up in five equal monthly instalments and the amount of each instalment shall be equivalent to one-fifth of such coupon minimum required balance, whereby the full built-up shall take place one month prior to the coupon payment date. 

“Pursuant to the above, please be informed that the facility agent is currently in the process of seeking consent from the senior noteholder of the MTN programme to revise the principal terms and conditions of the MTN programme,” it said. 

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