quoting BSTEAD press release. Over the next few weeks, we will start unveiling our initiatives one-by-one to accelerate the reinvention of Boustead, and ultimately meet the expectations of our shareholders.” still expecting and still waiting for it 3 weeks.
Bumi Armada announced that its facility agreement has been amended to extend the final maturity date for Tranche 1 (USD260m) of the USD660m Term Loan Facilities to 23 Nov 2022 from May 2021.
The final maturity date of 23 May 2024 for Tranche 2 (USD400m) remains unchanged. (Bursa Malaysia)
The refinancing is not a surprise to us, as management guided on it when the pandemic started – COVID-19 dragged down the recovery path of the offshore marine services segment, as well as the company’s non-core monetisation plans.
We see this exercise as alleviating Bumi Armada’s near-term financial pressure and are guided that there are no material changes to the financing terms. Hence, we maintain our earnings estimates, call, and SOP-derived TP.
Note: Bumi Armada will release its 4Q20 results this coming Friday.
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hotshotinvestor
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Posted by hotshotinvestor > 2021-02-23 17:37 | Report Abuse
quoting BSTEAD press release. Over the next few weeks, we will start unveiling our initiatives one-by-one to accelerate the reinvention of Boustead, and ultimately meet the expectations of our shareholders.” still expecting and still waiting for it 3 weeks.