US$230mil syndicated loan for YTL Power


YTL Power International Bhd yesterday signed an agreement for a US$230mil, three-year syndicated loan facility with a consortium of financial institutions. 

The facility is to part finance an additional equity contribution by YTL Power to YTL Utilities Ltd, a holding company for the Britain-based Wessex Water Group. 

The deal marks YTL Power's maiden syndicated US dollar debt financing in the offshore debt market. 

YTL Power managing director Tan Sri Francis Yeoh Sock Ping said: “I am extremely pleased with the success of this syndication, the first US dollar loan facility raised by the YTL Group. The loan will be utilised to part refinance the more expensive £410mil acquisition facility raised for Wessex Water last May.'' 

He added that the lower funding cost would further improve the YTL Group's bottom line. 

YTL Power and Dresdner Kleinwort Wasserstein said in a statement that the syndicated loan had received overwhelming support from seven other major international and local financial institutions. 

The institutions are Bank of Tokyo Mitsubishi, Bumiputra Commerce Bank Bhd, Credit Agricole Indosuez, Credit Lyonnais, Development Bank of Singapore, Maybank, and Oversea-Chinese Banking Corp. 

Dresdner was the lead arranger for the syndicated loan. 

“In view of the heavy oversubscription during the sub-underwriting stage, a general syndication will not be launched; and each bank's initial underwriting commitment was scaled back,'' the statement said.  

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

Next In Business News

Top Glove predicts 3% hit on FY21 sales due to production halt �
Airlines set to lose US$157bil amid worsening slump - IATA
AirAsia looks beyond losses to travel return
CPO December contract closes lower at RM3,448
My EG posts net profit of RM70.74m in 3Q
Leong Hup International's 3Q results up on-quarter
Inari sees strong demand for 5G RF components as Q1 net profit soars
PBA 3Q net profit jumps nearly 83% to RM11.3m
Majuperak returns to profit after three consecutive loss-making quarters
UEM Sunrise posts RM28.9mil loss in Q3�

Stories You'll Enjoy