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Thursday, February 12, 2015

Ananda Krishnan to pay 1MDB loan ahead of deadline, sources say

Billionaire Ananda Krishnan is reportedly preparing to settle the RM2 billion loan owed by state fund 1Malaysia Development Bhd (1MDB). – Reuters pic, February 12, 2015.Billionaire Ananda Krishnan is reportedly preparing to settle the RM2 billion loan owed by state fund 1Malaysia Development Bhd (1MDB). – Reuters pic, February 12, 2015.
Malaysian billionaire Ananda Krishnan is preparing to settle a US$550 million (about RM2 billion) loan owed by troubled state fund 1Malaysia Development Bhd (1MDB), four sources familiar with the matter said – a last-minute reprieve for the fund whose debt woes are pressuring the ringgit and the country's sovereign credit rating.
The development fund, which owns a large portfolio of power plants, has missed payments on the bridge loan that was due end-December and its lenders were keen to see it paid before they had to write it down in first-quarter earnings, bankers said.
Local media have reported that the final deadline was February 18.
The RM2 billion loan is owed to the country's largest bank, Malayan Banking Bhd, and smaller lender RHB Capital Bhd, and was guaranteed by Ananda's company Usaha Tegas, people with knowledge of the talks said.
"The banks already know Ananda is payingeverything is in process," said one of the sources.
The sources declined to be identified as the discussions are private. The banks did not respond to a request for comment. 1MDB declined to comment and Usaha Tegas could not immediately be reached for a comment.
1MDB, whose advisory board is chaired by Prime Minister Datuk Seri Najib Razak, has some US$11.6 billion in total debt. – Reuters

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