Parkway's cash flow enough to service debt

Khanazah's IHHL has issued S$1.8bil to part-finance deal to buy S$3.4bln shares in Parkway.

There are sufficient free cash flows from Parkway Holdings Ltd to service the debt that has been taken up to finance its takeover by Khazanah Nasional Bhd, bankers familiar with the deal explained.

The debt servicing will also not impinge on Parkway’s capital expenditure plans, the bankers said.

Integrated Healthcare Holdings Ltd (IHHL), the wholly-owned unit of Khazanah that is taking over Parkway, recently issued S$1.8bil in short-term debt to part-finance the deal.

To recap, IHHL is buying all the shares in Parkway it does not own at S$3.95 a piece, which works out to a whopping S$3.4bil.The acquisition is being funded equally by debt and equity.

For its equity portion, Khazanah raised S$1.5bil through a sukuk issuance in Singapore.

View the full story in the Malaysian Star.

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