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Yinson to raise $385m through Islamic bonds

Yinson Holdings is raising more funds, this time going to the Islamic bond markets through its Yinson TMC unit to raise MYR1.5bn ($385.2m) in perpetual mudharabah bonds to refinance outstanding financing facilities, provide funds for working capital and capital expenditure for new projects.

The floating production storage and offloading (FPSO) vessel specialist said in a stock market announcement that the perpetual bond programme would be unrated and structured based on the Islamic syariah principle of mudharabah.

AmInvestment Bank and Maybank Investment Bank are the joint principal advisers, joint lead arrangers and joint lead managers for the programme.

Yinson in July last year launched a $500m multi-currency perpetual bond programme.