The fundraising deal, done through its wholly-owned subsidiary, SapuraKencana TMC (SKTMC), was with a consortium of Malaysian, regional and international banks. The funds will be used to partially refinance SKTMC’s existing borrowings.
The refinancing involves raising approximately $658m via a new Conventional Term Loan facility and issuance of approximately MYR3.6bn ($809.2m) of unrated Sukuk bonds under SapKencana's existing 30-year MYR7bn Multi-Currency Sukuk Programme.
The refinancing exercise is part of the group’s proactive capital management initiative that will support its global operations. Maybank Investment Bank was the coordinating bank for the exercise.
SapKencana group president and ceo Shahril Shamsuddin said: “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.”
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