YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2024 320 NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 January 2024 44. PERPETUAL SECURITIES (CONTINUED) (i) By Yinson TMC Sdn. Bhd. (“YTMC”) (continued) The perpetual securities are unrated and are not listed on Bursa Malaysia Securities Berhad or on any other stock exchange, bearing no fixed maturity date but are callable 15 years from the date of issuance (“First Call Date”) falling due on 9 May 2033. The issued instrument carries a periodic distribution rate of 6.8% per annum, distributable semi-annually calculated at the nominal value of securities issued. The distribution rate will be subject to an agreed one time step-up margin of 1% per annum after First Call Date. Pursuant to the terms and conditions of the program, YTMC has no obligation to pay any distribution and has the option to elect for distribution deferment at its sole discretion, which does not constitute a breach of covenant. The perpetual securities may also be redeemed at the option of YTMC upon the occurrence of certain events by YTMC in accordance with the terms and conditions of the perpetual securities. From the Group’s perspective under MFRS 132 “Financial Instruments: Presentation”, the Perpetual Securities is classified as equity because the payment of any distribution or redemption is at the discretion of the Group. (ii) By Yinson Juniper Ltd (“YJL”) USD120 million Multi-Currency Perpetual Securities YJL completed two further issuances of Perpetual Securities amounting to USD90 million and USD30 million on bought deal basis under its USD500 million Multi-Currency Perpetual Securities Programme on 29 March 2019 and 5 April 2019 respectively. The perpetual securities are: • unconditionally and irrevocably guaranteed by the Company; • direct, unsecured, unconditional and unsubordinated obligations of the subsidiary; and • rank at least pari passu with all other present and future unsecured, unconditional and unsubordinated obligations of the subsidiary, save for such obligations as may be preferred by provisions of law that are both mandatory and of general application. The perpetual securities are unrated and are not listed on Bursa Malaysia Securities Berhad or on any other stock exchange, bearing no fixed maturity date but are redeemable at YJL’s option 5 years from the date of issuance (“First Reset Date”) which falls due on 29 March 2024. The issued Perpetual Securities carry periodic distribution rate of 8.10% per annum, distributable semi-annually calculated at the nominal value of securities issued. The distribution rate will be subjected to an agreed step-up margin of 5% per annum above the prevailing U.S. Treasury Rate after First Reset Date. Pursuant to the terms and conditions of the program, YJL has no obligation to pay any distribution and has the option to elect for distribution deferment at its sole discretion, which does not constitute a default. The Perpetual Securities may also be redeemed at the option of YJL upon the occurrence of certain events by YJL in accordance with the terms and conditions of the Perpetual Securities. From the Group’s perspective under MFRS 132 “Financial Instruments: Presentation”, the perpetual securities is classified as equity because the payment of any distribution or redemption is at the discretion of the Group. On 29 March 2024, the perpetual securities of USD120 million were fully redeemed.
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