Sukuk Factsheet
CYPREN 6.500% Perpetual Corp (MYR) - Series 1
Cypark Renewable Energy Sdn Bhd
Indicative
Full Lot
Bid Price 100.853
Change in Bid Price 0.005
Bid Yield (%) -
Change in Bid Yield
-
Ask Price 101.403
Change in Ask Price 0.005
Ask Yield (%) -
Change in Ask Yield
-
Indicative price as of 30 Dec 2025, 12:00am
Sukuk Issuer
Cypark Renewable Energy Sdn Bhd
Guarantor
-
Announcement Date
03 Sep 2020
Issue Date
04 Sep 2020
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 0.840
Modified Duration
-
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
6.500
Distribution Type
Fixed
Annual Distribution Rate
6.500
Distribution Frequency
Semi Annually
Seniority
First Lien
Reference Rate
Coupon increases by 2% from first call date (03 Sep 2027), then at 1% for subsequent periods, fixed at 15% from 04 Sep 2034 and thereafter.
ISIN
MYBVZ2001932
CUSIP
ZO3145315
Sukuk Currency
MYR
Total Issue Size
97,250,000
Min. Investment Quantity (Nominal)
MYR 1,000
Incremental Quantity (Nominal)
MYR 1,000
Sukuk Type
High Yield Corporate
Sukuk Sector
Energy
Sukuk Sub Sector
Energy Equipment and Services
Issuer Credit Rating (S&P/ Fitch)
***/ N.R
Sukuk Credit Rating (S&P/ Fitch)
***/ N.R
Shariah Compliant
Yes
Islamic Principle
Sukuk Al Musharakah
Exchange Listed
No
Deferral of Distribution
The Issuer may, at its sole discretion, opt to defer payment of the Expected Periodic Distribution Amount (in whole or in part) which is otherwise scheduled to be paid on a Periodic Distribution Date by giving an irrevocable Optional Deferral Notice not less than fifteen (15) days and not more than thirty (30) days prior to the relevant Periodic Distribution Date, provided that no Compulsory Periodic Distribution Payment Event has occurred.
A "Compulsory Periodic Distribution Payment Event" shall have occurred if, during the six (6)-month period ending on the day before the relevant scheduled Periodic Distribution Date, either or both of the following have occurred:
(1) the Issuer and/or its holding company, Cypark Resources Berhad ("CRB") has declared or paid any dividends, distributions or made other payments in respect of any of its Junior Obligations or Parity Obligations (except on a pro-rata basis with the Perpetual Sukuk Musharakah); or
(2) The Issuer and/or CRB has redeemed, reduced, cancelled, bought back or purchased any of its Junior Obligations or Parity Obligations (except on a pro-rata basis with the Perpetual Sukuk Musharakah).
The Issuer may, at its sole discretion, elect to further defer any outstanding Arrears of Deferred Periodic Distribution by complying with the foregoing notice requirement. The Issuer is not subject to any limit as to the number of times the Expected Periodic Distribution Amount and the Arrears of Deferred Periodic Distribution can be deferred except that the provisions of the Dividend and Capital Stopper (as defined in the section entitled Other terms and conditions - Dividend and Capital Stopper) shall be complied with until all outstanding Arrears of Deferred Periodic Distribution have been paid in full.
Dividend and Capital Stopper
So long as any Expected Periodic Distribution Amount has been deferred and any Arrears of Deferred Periodic Distribution is outstanding:
(1) the Issuer and CRB shall not declare or pay any dividends, distributions or make any other payments on any of its Junior Obligations or Parity Obligations (except on a pro-rata basis with the Perpetual Sukuk Musharakah); or
(2) the Issuer and CRB shall not redeem, reduce, cancel, buyback or purchase any of its Junior Obligations or Parity Obligations (except on a pro-rata basis with the Perpetual Sukuk Musharakah),
until all Expected Periodic Distribution Amount due and payable and any Arrears of Deferred Periodic Distribution (together with any Additional Periodic Distribution Amount) have been fully paid. For the avoidance of doubt, in the event that CRE is listed in any stock exchange, the Dividend and Capital Stopper will only be applicable to CRE.
Dividend and Capital Pusher
Notwithstanding the Optional Deferral, payment of all outstanding Arrears of Deferred Periodic Distribution (together with any Additional Periodic Distribution Amount) shall be due and payable within fifteen (15) days from the date:
(1) the Issuer and/or CRB declared or paid any dividends, distributions, or make other payments on any of its Junior Obligations or Parity Obligations (except on a pro-rata basis with the Perpetual Sukuk Musharakah); or
(2) the Issuer and/or CRB redeemed, reduced, cancelled, bought back or purchased any of its Junior Obligations or its Parity Obligations (except on a pro-rata basis with the Perpetual Sukuk Musharakah).
For the avoidance of doubt, in the event that CRE is listed in any stock exchange, the Dividend and Capital Pusher will only be applicable to CRE.
Issuer Call
The Issuer may redeem the Perpetual Sukuk Musharakah pursuant to the following:
(1) Optional Redemption (as defined in the section entitled "Other terms and conditions - Optional Redemption");
(2) Accounting Event Redemption (as defined in the section entitled "Other terms and conditions - Accounting Event Redemption");
(3) Tax Event Redemption (as defined in the section entitled "Other terms and conditions - Tax Event Redemption");
(4) Leverage Event Redemption (as defined in the section entitled Other terms and conditions -Leverage Event Redemption);
(5) Shareholder/ Shareholding Event Redemption (as defined in the section entitled Other terms and conditions - Shareholder/ Shareholding Event Redemption); or
(6) Sinking Fund Event Redemption (as defined in the section entitled Other terms and conditions - Sinking Fund Event Redemption),
(collectively, the "Redemption Events" and each a "Redemption Event").
The Issuer may, at its sole discretion, redeem at par (in whole, but not in part) the Perpetual Sukuk Musharakah at the relevant Exercise Price on any Call Date (as defined herein). The Issuer shall give not less than thirty (30) days and not more than sixty (60) days prior written notice (which notice shall be irrevocable) to the Facility Agent and the Sukuk Trustee for the Optional Redemption.
"Call Date" means the First Call Date and each Periodic Distribution Date thereafter.
Exercise Price in relation to the Sale Undertaking In relation to the Sale Undertaking pursuant to the following events, the Exercise Price is calculated as follows:
(1) Optional Redemption
The Exercise Price is the aggregate of:
(a) the nominal value of the Perpetual Sukuk Musharakah; and
(b) any Expected Periodic Distribution Amount payable and unpaid up to the date of full redemption (including any Arrears of Deferred Periodic Distribution and any Additional Periodic Distribution Amount); and
(c) any Liquidity Facility.
CRE as the Issuer, is entitled to set-off the Exercise Price with any Liquidity Facility to be repaid to CRE as the Manager.
First Call Date: Sep 2027
Distribution Rate Step Up
Additional 2% above the prevailing Periodic Distribution Rate commencing from the First Call Date, and an additional 1% each year on each anniversary thereafter, subject to the Maximum Rate
Maximum Rate
15.0% p.a.
Change Control Call
The Issuer may redeem the Perpetual Sukuk Musharakah pursuant to the following:
(5) Shareholder/ Shareholding Event Redemption (as defined in the section entitled Other terms and conditions - Shareholder/ Shareholding Event Redemption); or
Shareholder/ Shareholding Event shall have occurred if:
(1) prior to the listing of CRE in any stock exchange, any change of CRB's shareholding in CRE; or
(2) post listing of CRE in any stock exchange, the shareholding of CRB in CRE is less than fifty per cent (50%) plus one (1) share; or
(3) CRE ceases to be a subsidiary of CRB, through disposal, restructuring, transfer or otherwise; or
(4) the Issuer reduces (except by way of a buyback of shares by the Issuer) its issued paid-up capital; or
(5) the Issuer enters into any proceedings or takes any action for any dissolution or winding up of itself, or any amalgamation, consolidation, merger or restructuring, the result of which would diminish the issued paid-up capital of the Issuer.
Exercise Price in relation to the Sale Undertaking In relation to the Sale Undertaking pursuant to the following events, the Exercise Price is calculated as follows:
(2) Redemption Event (other than Optional Redemption)
Prior to the First Call Date
The Exercise Price is the aggregate of:
(a) the nominal value of all outstanding Perpetual Sukuk Musharakah or the Make-Whole Amount (as defined below), whichever is higher; and
(b) any Expected Periodic Distribution Amount payable and unpaid up to the date fixed for redemption (including any Arrears of Deferred Periodic Distribution and any Additional Periodic Distribution Amount); and
(c) any Liquidity Facility.
CRE as the Issuer, is entitled to set-off the Exercise Price with any Liquidity Facility to be repaid to CRE as the Manager.
On or after the First Call Date
The Exercise Price is the aggregate of:
(a) the nominal value of the Perpetual Sukuk Musharakah; and
(b) any Expected Periodic Distribution Amount payable and unpaid up to the date fixed for redemption (including any Arrears of Deferred Periodic Distribution and any Additional Periodic Distribution Amount); and
(c) any Liquidity Facility.
CRE as the Issuer, is entitled to set-off the Exercise Price with any Liquidity Facility to be repaid to CRE as the Manager.
"Make-Whole Amount" means the amount, equal to the sum of (a) the present value of the nominal value of all outstanding Perpetual Sukuk Musharakah to be redeemed, discounted from the First Call Date to the redemption date, and (b) the present value of all Expected Periodic Distribution Amount payable from the redemption date up to and including, the First Call Date, discounted to the redemption date on a quarterly, semi-annual or such other basis to be agreed prior to each issuance, as the case may be (assuming a 365-day year) at the relevant discount rate being the Relevant MGS Rate plus the relevant margin to be agreed between the Issuer and the Lead Manager prior to the issue date of the relevant Series of Perpetual Sukuk Musharakah.
Additional Note
For more information, please refer to uploaded notice.
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