By Marisa Wong
Madison, Wis., Dec. 3 - Malaysia's Tan Chong Motor Holdings Bhd. announced that special purpose vehicle Premium Commerce Bhd. issued RM 194 million of series 2013-A notes on Monday.
The notes were issued in six tranches:
• RM 40 million of 3.6% class A tranche 1 notes with a term of one year;
• RM 85 million of 3.9% class A tranche 2 notes with a term of three years;
• RM 50 million of 4.15% class A tranche 3 notes with a term of five years;
• RM 1 million of 4.4% class A tranche 4 notes with a term of seven years;
• RM 5 million of 5¼% class B notes with a term of seven years; and
• RM 13 million of 3% class C notes with a term of seven years.
This is the seventh issuance under Premium Commerce's RM 2 billion asset-backed medium-term notes program. The program was increased from RM 600 million in March 2011.
Premium Commerce used proceeds from the issuance to acquire hire purchase receivables from Tan Chong Motor's wholly owned subsidiary, TC Capital Resources Sdn. Bhd. TC Capital, in turn, used proceeds from the sale of the hire purchase receivables as working capital.
Based in Kuala Lumpur, Tan Chong assembles and distributes passenger, commercial and motor vehicles.
| Issuer: | Premium Commerce Bhd.
|
| Issue: | Asset-backed medium-term notes, series 2013-A
|
| Amount: | RM 194 million (RM 40 million of class A tranche 1 notes, RM 85 million of class A tranche 2 notes, RM 50 million of class A tranche 3 notes, RM 1 million of class A tranche 4 notes, RM 5 million of class B notes and RM 13 million of class C notes)
|
| Maturity: | One year for class A tranche 1 notes, three years for class A tranche 2 notes, five years for class A tranche 3 notes, seven years for class A tranche 4, class B and class C notes
|
| Coupon: | 3.6% for class A tranche 1 notes, 3.9% for class A tranche 2 notes; 4.15% for class A tranche 3 notes, 4.4% for class A tranche 4 notes, 5¼% for class B notes and 3% for class C notes; payable quarterly
|
| Settlement date: | Dec. 2
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| Ratings: | RAM Rating Services Bhd.: AAA for class A notes, AA2 for class B notes
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