KUALA LUMPUR: Tenaga Nasional Bhd
(TNB), Malaysia’s biggest power producer, is refinancing sukuk at lower borrowing costs to investors hungry for new issues after a 67% drop in sales this year.
The state-owned company plans to sell RM2bil of debt with maturities of one to 13 years at profit rates of 3.82% to 4.95%, via unit Kapar Energy Ventures Sdn, according to a Bursa Malaysia filing. Similar-maturity ringgit-denominated notes issued in 2004 pay 6.85% and 7.95%, data compiled by Bloomberg show.
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