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IPIC pays interest of US$52.4 million

The company is in dispute with International Petroleum Investment Company of Abu Dhabi.

The company is in dispute with International Petroleum Investment Company of Abu Dhabi.

Syndicated News
Written by Syndicated News

KUALA LUMPUR — May 11, 2016: 1Malaysia Development Bhd (1MDB) today stated that it understands International Petroleum Investment Company (IPIC) has made an interest payment of US$52.4 million due today in respect of the US$1.75 billion fixed rate 5.99 per cent notes, due 2022, issued by 1MDB Energy (Langat) Ltd.

“While 1MDB has more than sufficient funds to have made the payment, it has not done so for the Energy Notes and for an earlier interest payment for the US$1.75 billion fixed rate 5.75 per cent notes, due 2022, issued by 1MDB Energy (Langat) Ltd. (Langat Notes),” it said in a statement.

This is due to the ongoing dispute between 1MDB and IPIC.

“All of 1MDB’s rights are reserved with respect to that dispute,” said the statement.

1MDB highlighted that it was committed to working openly with IPIC to resolve the dispute.

“1MDB recently started an engagement process for its US$ denominated bondholders and encourages all holders to register at its microsite at http://sites.dfkingltd.com/1MDB.”

The site contains all relevant information and will include regular updates for bondholders.

Upon registration, they will be able to submit questions online through the website.

A call for all US$ denominated bondholders will take place on May 23. — Bernama

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