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Binariang GSM Sdn
Bhd has successfully refinanced the RM20 billion bridge loan it took to fund
the buyout of Maxis Communications Bhd in June 2007, via the largest local
currency corporate bond deal in emerging Asia.
The refinancing of the bridge
loan comprises RM12.05 billion nominal value of medium term notes, RM300
million nominal value of commercial paper (collectively the senior sukuk),
RM3.017 billion nominal value of junior debt (junior sukuk) and a US$1.2
billion (RM3.96 billion) syndicated term loan facility.
Both the senior and junior sukuk were issued under the syariah principle of
musyarakah with the former issued pursuant to a RM2 billion Islamic
commercial paper programme and a RM19 billion Islamic medium term notes
programme put in place by Binariang. Announcing the corporate bond deal in a
press release yesterday, it said the senior sukuk was Malaysia?s largest
corporate bond issue and one of the largest Asian corporate bond issues
ex-Japan and also Malaysia?s largest Islamic private debt securities
issuance.
The junior sukuk is the largest hybrid instrument issued by a Malaysian
corporate and subscribed by Saudi Telecom Company and Shield Estate NV, an
entity affiliated to T Ananda Krishnan, it said, adding that the use of such
an innovative instrument, which has been granted full equity credit by the
rating agency, is reflective of the maturity and sophistication of the
country?s debt capital market. The loan facility in the refinancing is also
the largest US dollar denominated loan syndicated in Malaysia at US$1.2
billion, it added. CIMB Investment Bank, RHB Investment Bank Bhd,
Aseambankers Malaysia Bhd, ABN AMRO Bank Bhd, OCBC Bank Malaysia Bhd and
AmInvestment Bank Bhd were the joint lead managers for the senior sukuk.
CIMB and ABN AMRO also acted as joint principal advisors for the senior
sukuk while CIMB was the sole principal advisor for the junior sukuk.
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