[RAM] Exsim Capital fully redeems Tranche 2 IMTN ahead of maturity

RAM Ratings has received confirmation that Exsim Capital Resources Berhad (Exsim Capital or the Issuer) – a special-purpose vehicle wholly owned by Exsim Development Sdn Bhd (the Sponsor) – redeemed its RM323 mil Tranche 2 IMTN in full on 4 October 2024, well ahead of the expected maturity date of 9 January 2025. 

We have as such withdrawn the AAA rating of the Tranche 2 IMTN and no longer have any rating obligation in respect of the facility. Obligations under the accompanying RM55 mil unrated Tranche 2 ICP facility – structured to meet liquidity and cost overrun needs – have also been fully met and cancelled upon full redemption of the Tranche 2 IMTN. 

The early redemption was made in view of the transaction’s fully cash-backed position. The Tranche 2 IMTN was backed by progress billings under sales and purchase agreements for the D’Quince Residences and D’Vervain Residences in Damansara Perdana, Selangor. Both projects obtained certificates of completion and compliance on 18 June 2024 and accordingly delivery of vacant possession started in July 2024. 

The Tranche 2 IMTN was issued under Exsim Capital’s RM2 bil Sukuk Musharakah Programme, established to monetise progress billings originated from identified development projects of Exsim Development or its subsidiaries. Three outstanding tranches remain under the programme to date (see here).


Analytical contact
Lim Chern Yit
(603) 3385 2528
chernyit@ram.com.my

Media contact
Sakinah Arifin
(603) 3385 2500
sakinah@ram.com.my