Friday, 4 September 2015

SapKen refinances debt

SapuraKencana Petroleum Bhd (SapKen) will issue debt papers next week, starting with a US$200mil (RM845.8mil) Islamic medium-term note (MTN) programme, as part of a move to refinance a US$2.3bil facility that comes due next February.

In an announcement yesterday, the oil and gas company said its wholly owned subsidiary, SapuraKencana TMC Sdn Bhd (SKTMC), had signed the transaction documents for its inaugural multi-currency Islamic MTN that would be launched next Tuesday.

“Proceeds raised will be utilised to partly refinance SKTMC’s existing financing. The issue is not rated and is structured based on the syariah principle of commodity murabahah (via a tawarruq arrangement),” said SapKen.

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