By Marisa Wong
Morgantown, W.Va., Aug. 1 – IHH Healthcare Bhd. disclosed details of subsidiary Parkway Pantai Ltd.’s recently issued $500 million perpetual securities.
The securities were priced at par with an initial coupon of 4¼%.
The coupon will be reset five years after the issue date and every five years after that. The reset distribution rate will be the Treasury rate plus an initial spread of 243 basis points and a step-up margin of 200 bps per year.
The perpetuals are callable in whole at par after five years and putable upon a change of control, at 101 initially and at par after five years.
Deutsche Bank AG, Singapore Branch and Hongkong and Shanghai Banking Corp. Ltd. are the managers for the Regulation S securities.
The company issued the perpetual securities under its $2 billion multicurrency medium-term note program on July 27.
The note program, which covers medium-term notes and perpetual securities, was established early July.
Proceeds will be used for general corporate purposes, including working capital, capital expenditures and refinancing debt, as previously noted.
Kuala Lumpur, Malaysia-based IHH is an operator of hospitals in Asia, eastern and central Europe and the Middle East.
| Issuer: | Parkway Pantai Ltd.
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| Issue: | Perpetual securities
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| Amount: | $500 million
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| Maturity: | Perpetual
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| Coupon: | 4¼%; reset five years after the issue date and every five years after that; reset distribution rate will be the Treasury rate plus an initial spread of 243 bps and a step-up margin of 200 bps per year
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| Price: | Par
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| Managers: | Deutsche Bank AG, Singapore Branch and Hongkong and Shanghai Banking Corp. Ltd.
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| Call option: | In whole at par beginning July 27, 2022
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| Put option: | Upon a change of control, at 101 initially and at par beginning July 27, 2022
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| Pricing date: | July 20
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| Settlement date: | July 27
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| Distribution: | Regulation S
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