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Friday February 17, 2012
PETALING JAYA: Maxis Bhd is proposing to issue Islamic medium-term notes with a nominal value of up to RM2.45bil based on the sukuk musharakah principle for capital expenditure and working capital purposes.
The proposed unrated sukuk, which would have a tenure of up to 30 years from the date of first issue, would also be used for general funding requirements as well as general corporate purposes of the company and its subsidiaries.
CIMB Investment Bank Bhd, which has been appointed as the sole principal adviser and sole lead arranger, said in an announcement to Bursa Malaysia that RM1.45bil of the proceeds from the sukuk with a maturity of 10 years had been allocated for the refinancing of existing loans.
The remainder of the proceeds was for capital expenditure, working capital, general funding requirements and corporate purposes, it added.
The investment bank said the issuance would not have any effect on the issued and paid-up capital of the company nor on shareholders’ holdings while the consolidated net gearing would increase to 0.75 times from 0.63 times based on 2010 proforma audited accounts.
CIMB Investment Bank and Maybank Investment Bank Bhd have been appointed as the joint lead managers for the issuance.
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