KUALA LUMPUR: Tenaga Nasional Bhd's 60% owned Kapar Energy Ventures Sdn Bhd has proposed to issue RM2bil of Sukuk in nominal value on Friday.
The power giant said on Wednesday the sukuk would be issued in one lump sum and would consist of 13 series with tenors ranging from one year to 13 years from the date of issuance. The coupon rate is from 3.82% to 4.95%.
The Sukuk was assigned with a final rating of AA+IS by Malaysian Rating
Corporation Bhd. The Sukuk will not be listed on any stock exchange.
"The Sukuk proceeds shall be utilised for Shariah-compliant purposes which include refinancing the issuer's outstanding Bai' Bithaman Ajil Islamic debt securities, pre-funding the FSRA (if required), to meet the general working capital purposes of the Issuer and to meet the fees and expenses in relation to the Sukuk Ijarah facility," it said.
Tenaga said upon issuance of the Sukuk, its consolidated borrowings would increase by RM488mil.
"Based on Tenaga's audited consolidated balance sheet for FY ended Aug 31, 2012 Tenaga's consolidated gearing would then increase from 0.39 times to 0.41 times," it said.
It added the proposed issuance would not have any impact on its earnings and earnings per share and net assets per share for the current financial year.