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Tuesday March 20, 2012

Boustead Naval Shipyard gets RM2bil loan

PETALING JAYA: Boustead Holdings Bhd's subsidiary Boustead Naval Shipyard Sdn Bhd (BNS) has obtained financing facilities of up to RM2.06bil, which is a part of an overall syndicated facilities amounting to RM5.56bil.

The funding facilities are for the construction of six second-generation patrol vessels with combat capabilities for the Royal Malaysian Navy, following the contract awarded to BNS by the Defence Ministry.

In a filing to Bursa Malaysia, the company said the signing of the financial agreements was for phase one while the remaining syndicated facilities, for phase two of up to RM3.505bil were still on-going. The tenure of phase one ranges from four years to eight years eight months; therefore the facilities' amount will be reduced according to the tenure.

The company said the payments from the Government on completion basis would be utilised to settle the phase one facilities.

Boustead Holdings unit Boustead Naval Shipyard is building six patrol vessels with combat capabilities for the Royal Malaysian Navy.

The joint mandated lead arrangers are Affin Investment Bank Bhd, Maybank Investment Bank Bhd and AmInvestment Bank Bhd.

Co-arrangers are Affin Bank Bhd, Malayan Banking Berhad and Maybank Islamic Bhd while co-managers of the facilities are Bank Pembangunan Malaysia Bhd, Bank Muamalat Malaysia Bhd and Bank Kerjasama Rakyat Malaysia Bhd.

Lenders are Affin Bank Bhd, Malayan Banking Bhd, Bank Pembangunan Malaysia Bhd, Affin Investment Bank Bhd, Bank Kerjasama Rakyat Malaysia Bhd, Maybank Islamic Bhd, and Bank Muamalat Malaysia Bhd.

BNS received the letter of intent for the contract on Oct 15, 2010 and the letter of award on Dec 16, 2011. Boustead's board of directors believes the phase one facilities are in the best interest of the company.

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