Press Release

Date: 
18-04-2016
Statement by 1MDB with regards to Binding Term Sheet Agreement with IPIC
Statement by 1MDB with regards to Binding Term Sheet Agreement with IPIC

Interest was payable on the semiannual interest payment date of 18 April 2016 in respect of the $1.75 billion 5.75% Notes due 2022 (the “Notes”) issued by 1MDB Energy (Langat) Limited (the “Issuer”). On June 4, 2015, the International Petroleum Investment Company (“IPIC”) assumed the Issuer’s obligation to pay the interest due under the Notes in exchange for certain undertakings to transfer assets and cash to IPIC. A dispute has recently arisen between IPIC and the Issuer concerning, among other things, the Issuer’s obligations to IPIC and IPIC’s corresponding obligations. Consequently, as of the time of this statement, the Issuer understands IPIC has not paid the interest. 

1MDB wishes to make clear that it and its group entities will meet all of their other obligations under any other financing arrangements and have ample liquidity to do so.