SapKen unit signs RM6.7bil financing facilities

PETALING JAYA: SapuraKencana Petroleum Bhd’s (SapKen) unit, SapuraKencana TMC Sdn Bhd, has successfully completed the signing of a seven-year multi-currency financing facility of approximately US$1.5bil (RM6.68bil) equivalent with a consortium of Malaysian, regional and international banks.

According to a press release, the proceeds raised from this facility shall be utilised to partially refinance SapKen’s existing borrowings.

“We would like to express our gratitude for the trust, strong commitment and continued support extended by all participating financial institutions to us on this important initiative to achieve greater milestones, moving forward,” SapKen’s president and group chief executive officer Tan Sri Shahril Shamsuddin said.

The company said the refinancing involves raising approximately US$658mil (RM2.93bil) via a new conventional term loan facility, and the issuance of about RM3.6bil of unrated sukuk under the existing 30-year multi-currency sukuk programme of up to RM7bil in nominal value.

“The refinancing exercise is part of the group’s proactive capital-management initiative that will support its global operations,” it said.

Maybank Investment Bank Bhd is the coordinating bank for this exercise, the statement said.