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SapuraKencana secures six-year $2.1bn loan facility

SapuraKencana secures six-year $2.1bn loan facility
Offshore services player SapuraKencana Petroleum, through its SapuraKencana TMC unit, has sealed a six-year multi-currency facility of up to $2.1bn with a consortium of Malaysian, regional and international banks, the company said in a stock market announcement.

“The Islamic financing facility is based on the syariah principle of murabahah and the proceeds raised shall be utilised to refinance SapuraKencana TMC’s existing short-term Islamic facility due in 2016,” the company said.

SapuraKencana said the Islamic facility reflects the group’s continued commitment to retain its status as a syariah-compliant security under the list of syariah-compliant securities issued by the Syariah Advisory Council of the Securities Commission.

President and group chief executive officer Tan Sri Shahril Shamsuddin said the Islamic facility was a proactive measure to prepare for long-term resilience.

“This contributes to the sustainability of the group’s competitiveness and better positions us to navigate through the current period of uncertainty,” he said.