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(08-06-2011, 06:10 PM)KopiKat Wrote: From their SGX announcement on 11 Apr 11,
http://info.sgx.com/webcoranncatth.nsf/V...E005B83EC/$file/MIIFCircularApril2011.pdf
under 2.2 Senior Loan Amendments, they gave a schedule of the Loan Repayment for TBC which will recommence on 2013 (small amount of S$6.5M) and larger amounts of S$100M+ for the next few years. I think that'll impact the FCF of TBC and the amount of dividend they can pay to MIIF from 2014 onwards.
(Vested) - but too lazy to check for TBC financials to analyse the above. Will likely sell before 2014 if I find time to confirm the above but in the meantime, will try to enjoy the semi annual 2.75ct div from Jun 11.
Agreed. I used those figures to make some estimations. I am not very keen with this structure. Unless TBC generates $275 million EBITDA by 2014, it won't be able to sustain the proposed DPU going forward. Granted, TBC EBITDA has been growing annually so let's see whether the rate of growth can achieve this target. HNE is also another potential problem - the debt repayment profile kicks in significantly after 2013. HNE growth starting to slow down. Meanwhile, the big leap in DPU will be kindly welcomed by unit-holders !
(Not Vested)
Disclaimer: Please feel free to correct any error in my post. I am not liable for anything. Do your own research and analysis. I do NOT give buy or sell calls and stock tips. Buy and sell at your risk. I am not a qualified financial adviser so I do not give any advice. The postings reflects my own personal thoughts which may or may not be accurate.