PETALING JAYA: Sapura Energy Bhd’s wholly owned subsidiary Sapura TMC Sdn Bhd has executed multi-currency financing facilities agreements (MCF 2021) to raise RM10.3 billion.
MCF 2021, signed with a consortium of Malaysian, regional and international banks, includes a conventional facility agreement and a further issuance of unrated sukuk murabahah under the MultiCurrency Sukuk Programme announced in 2015.
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 under the conventional facilities agreement 2021 upon completion of certain conditions precedent. 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.
MCF 2021 has a tenure of seven years and is guaranteed by Sapura Energy and material subsidiaries within the group.
“The proceeds from MCF 2021 will be utilised towards full settlement of all amounts payable and outstanding by Sapura TMC under a 2014 conventional facility, a 2015 Islamic facility, a 2017 conventional facility and the existing outstanding sukuk murabahah under the Multi-Currency Sukuk Programme,“ the group said in a stock exchange filing.
The planned refinancing is part of the group’s capital management program to lengthen the maturity of its debt.
For MCF 2021, it is a condition for Sapura Energy’s major shareholder Permodalan Nasional Bhd and funds controlled by it to continue to own more than 33% of the energy services and solutions provider; and be the single largest shareholder of Sapura Energy during the tenure of the facilities.
“The refinancing exercise and previously announced RM1.2 billion working capital provides us timely financial headroom in a recovering energy market. This will allow us to continue our track record of winning new oil & gas contracts; and explore emerging opportunities in the renewable energy sector,” said Sapura Energy group CEO Datuk Mohd Anuar Taib.
The participating banks are Maybank, CIMB Bank, RHB Bank, AmBank, EXIM Bank Malaysia, United Overseas Bank, ING Bank, Sumitomo Mitsui Banking Corporation, Standard Chartered Bank and First Abu Dhabi Bank.
