KUALA LUMPUR – Sapura Energy Bhd’s wholly owned subsidiary, Sapura TMC Sdn Bhd, has executed multi-currency financing (MCF) facility agreements to refinance its existing borrowings.
In a filing with Bursa Malaysia today, it said MCF 2021, with a combined value of RM10.3 billion, comprises Conventional Facilities Agreement 2021 with Malaysian, regional and international banks, and Sukuk Murabahah Issuance 2021 under its Multi-Currency Sukuk Programme with a consortium of local lenders.
Sapura Energy said the banks will make available a US dollar term loan facility amounting to US$602 million (RM2.5 billion) and a ringgit term loan facility amounting to RM906 million to Sapura TMC upon the completion of certain conditions.
The further issuance of unrated sukuk murabahah amounts to RM6.38 billion, and US$125 million in nominal value under the Multi-Currency Sukuk Programme.
The proceeds from MCF 2021 will be utilised towards a full settlement of all amounts payable and outstanding by Sapura TMC under its 2014 conventional facility, 2015 Islamic facility, 2017 conventional facility, and existing outstanding sukuk murabahah under the Multi-Currency Sukuk Programme.
MCF 2021 is part of the group’s capital management programme to lengthen the maturity of its debt profile.
“The refinancing exercise and previously announced RM1.2 billion working capital provides us with a timely financial headroom in a recovering energy market,” said Sapura Energy group CEO Datuk Mohd Anuar Taib.
“This will allow us to continue our track record of winning new oil and gas contracts, and explore emerging opportunities in the renewable energy sector.”
The participating banks are Maybank Islamic Bhd, CIMB Bank Bhd, CIMB Islamic Bank Bhd, RHB Islamic Bank Bhd, AmBank (M) Bhd, AmBank Islamic Bhd, Export-Import Bank of Malaysia Bhd, United Overseas Bank Ltd Labuan branch, United Overseas Bank Ltd, Sumitomo Mitsui Banking Corporation Labuan branch, ING Bank N.V. Singapore branch, Standard Chartered Bank Offshore Labuan, and First Abu Dhabi Bank PJSC Labuan branch.
MCF 2021 has a tenure of seven years, and is guaranteed by Sapura Energy and material subsidiaries within the group. – Bernama, March 30, 2021
