SapuraKencana Petroleum Bhd has signed a seven-year multi-currency financing facilities of about US$1.5 billion, equivalent with a consortium of Malaysian, regional and international banks.
In a statement today, the integrated oil and gas services provider said the proceeds raised will be used to partially refinance existing borrowings.
It said the refinancing exercise, undertaken by its wholly-owned subsidiary SapuraKencana TMC Sdn Bhd, is part of the group’s proactive capital management initiative to support its global operations.
It involves raising about US$658 million via a new conventional term loan facility, and issuance of about RM3.6 billion of unrated sukuk under the existing 30-year multi-currency sukuk programme of up to RM7.0 billion in nominal value.
Maybank Investment Bank Bhd is the coordinating bank in the exercise.
SapuraKencana’s share price closed 4 sen or 2.1% higher at RM1.92 today, with 15.84 million shares traded, for a market capitalisation of RM11.5 billion. The counter has been on an upward trend since the end last November, rising by more than 36% in value.