KUALA LUMPUR (April 6): A Tenaga Nasional Bhd (TNB)-backed bond issuer, Special Power Vehicle Bhd, is redeeming securities under its Class A and Class B Islamic medium term notes (IMTNs) with a combined issuance facility of up to RM1.02 billion.

According to Bank Negara Malaysia’s (BNM) Fully Automated System for Issuing/Tendering (FAST) website, Hong Leong Investment Bank Bhd made the announcement on behalf of Special Power Vehicle.

Special Power Vehicle has issued a Class A IMTN issuance facility of up to RM800 million and a Class B IMTN issuance facility of up to RM215 million.

“As the facility agent of the above-mentioned Class A IMTN and Class B IMTN, we hereby announce on behalf of Special Power Vehicle that the redemption of secondary stock (stock code: VT050189) under the Class B MTN is due on May 5, 2021,” it said.

However, it added that there will be no payment under the said stock due to non-compliance with distribution restriction grounds in accordance with Clause 9.1.2(l)(b) of the trust deed.

Meanwhile, redemption of stock under the Class A IMTN will take place in two tranches on May 19, 2021.

In July last year, TNB said it had entered into a sale and purchase agreement (SPA) with Menteri Besar Negeri Sembilan (Incorporation) (MBINS) for the acquisition of 5% of Class B notes issued by Special Power Vehicle.

It also acquired 5% of ordinary shares in Jimah Energy Ventures Holdings Sdn Bhd from MBINS, in which TNB had a 20% stake. The total consideration for the two acquisitions was RM80 million.