11 May 2016 08:48
Scheduled Interest Payment Under Certain 1MDB Notes
· IPIC pays interest following 1MDB's third default
· IPIC will increase its written demand of 1MDB and MoF to U.S.$1.2 billion plus accrued interest
Following the latest default by 1 Malaysia Development Berhad (1MDB) on the payment of interest due to its noteholders, International Petroleum Investment Company PJSC (IPIC) has today made full payment of the interest due and payable by 1MDB Energy Limited and 1MDB in respect of the U.S.$1,750,000,000 fixed rate 5.99 per cent. notes due 2022 issued by 1MDB Energy Limited and unconditionally and irrevocably guaranteed by 1MDB (the Notes). IPIC has made the interest payment of U.S.$52,412,500 out of existing liquidity and pursuant to its obligations under the guarantee of the Notes (the Guarantee Payment).
Following this third 1MDB default, IPIC will increase its written demand for 1MDB and Minister of Finance, Inc., Malaysia (MoF) to fully indemnify IPIC in respect of the Guarantee Payment, the interest payment made by IPIC on 29 April 2016 and the outstanding sum that was due to be paid to IPIC by 31 December 2015. The current total amount due to IPIC from 1MDB and MoF pursuant to the terms of the Binding Term Sheet is U.S.$1,205,450,000 plus accrued interest (as further described in previous announcements issued by IPIC GMTN Limited: RNS Number 7064P, RNS Number 4672V and RNS Number 1844W).