KUALA LUMPUR: RANHILL BHD []'s unit has received the Securities Commission's approval to issue up to RM800 million of debt notes which will have a tenure up to 15 years.
Rahnhill said on Friday, April 22 Ranhill Power Sdn Bhd secured the approval to issue the Sukuk Musharakah of up to RM800 million in nominal value which would be in two tranches.
Tranche 1 Sukuk of up to RM300 million will be guaranteed by Maybank Islamic Bhd and Tranche 2 Sukuk of up to RM500 million will be guaranteed by Danajamin Nasional Bhd.
Both tranches of the Sukuk have been assigned with rating of AAAIS(bg) and AAAIS(fg) respectively''by Malaysian Rating Corporation Bhd.
'The proceeds from the issue will be on-lent to Ranhill to finance in full the redemption of the US$220 million guaranteed notes issued by Ranhill (L) Ltd,' it said.
It added the funds would also be to finance the service reserve account requirement, the first guarantee fees payable and the expenses/ costs incurred in relation to the establishment of the Sukuk, and to on-lend to Ranhill to reimburse advances made by Ranhill to Ranhill Engineers and Constructors Sdn Bhd to complete the CONSTRUCTION [] of Senai-Desaru Expressway.
Rahnhill said on Friday, April 22 Ranhill Power Sdn Bhd secured the approval to issue the Sukuk Musharakah of up to RM800 million in nominal value which would be in two tranches.
Tranche 1 Sukuk of up to RM300 million will be guaranteed by Maybank Islamic Bhd and Tranche 2 Sukuk of up to RM500 million will be guaranteed by Danajamin Nasional Bhd.
Both tranches of the Sukuk have been assigned with rating of AAAIS(bg) and AAAIS(fg) respectively''by Malaysian Rating Corporation Bhd.
'The proceeds from the issue will be on-lent to Ranhill to finance in full the redemption of the US$220 million guaranteed notes issued by Ranhill (L) Ltd,' it said.
It added the funds would also be to finance the service reserve account requirement, the first guarantee fees payable and the expenses/ costs incurred in relation to the establishment of the Sukuk, and to on-lend to Ranhill to reimburse advances made by Ranhill to Ranhill Engineers and Constructors Sdn Bhd to complete the CONSTRUCTION [] of Senai-Desaru Expressway.
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