Gleneagles Hospital in Singapore
KUALA LUMPUR: IHH Healthcare Bhd
’s indirect unit Parkway Pantai Ltd has set up a US$2bil (RM8.6bil) multi-currency medium-term note programme.
IHH Healthcare told Bursa Malaysia on Friday that Parkway Pantai, the largest private healthcare operator in Singapore and second largest in Malaysia, would use the proceeds for general corporate requirements of it and its subsidiaries.
These include, but not limited to, investments, working capital requirements, capital expenditure and refinancing of the group’s indebtedness.
IHH Healthcare said the programme allows Parkway Pantai, as the issuer, to issue notes or perpetual securities denominated in any currency agreed between it and the relevant dealer.
The maximum aggregate nominal amount of all notes and perpetual securities from time to time outstanding under the programme will not exceed US$2bil (or its equivalent in other currencies calculated as described in the programme) and may be issued on a continuing basis to one or more dealers.
The notes will have such maturities agreed between the issuer and the relevant dealer, subject to such minimum or maximum maturities as may be allowed or required by the relevant regulation and authorities.
As for the perpetual securities which will have no fixed redemption date, Parkway Pantai will have the right to redeem or purchase them in accordance with the terms and conditions set out in the programme.
Parkway Pantai has applied to the Singapore Exchange Securities Trading Ltd for permission to deal in, and for a quotation of, any notes or perpetual securities to be issued.
In September last year, Parkway Pantai had secured a committed unsecured multi-currency five-year revolving credit facility equivalent to S$1.8bil (RM5.6bil).
The facility was to be used for refinancing (directly or indirectly) an existing SG$620mil (RM1.94bil) facility, financing the general corporate and corporate funding and working capital requirements of the Parkway Pantai group, and financing the group’s investments and projects.
IHH Healthcare is one of the world’s largest healthcare groups by market capitalisation.
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