PETALING JAYA: Perdana Petroleum Bhd has proposed an Islamic bond or sukuk programme to raise up to RM650mil for its operations.
The five-year sukuk murabahah programme by the oil and gas-related services company has been assigned a preliminary rating of AAA(fg)/stable by RAM Rating Services Bhd.
“The rating is premised on an irrevocable and unconditional financial guarantee extended by Danajamin Nasional Bhd (rated AAA/stable/P1), which enhances the credit profile of the five-year tranche beyond the group’s stand-alone credit strength,” the credit rating agency said in its note.
RAM Ratings said subsequent issuances under the 12-year sukuk programme (2016-2028) would hinge on guarantees provided by guarantors. As such, the guarantor may vary for different tranches of this debt facility throughout its tenure.
The ratings agency said independent of the guarantee, Perdana Petroleum’s stand-alone credit strength reflected its synergies with its parent DAYANG ENTERPRISE HOLDINGS BHD coupled with time-charter contracts providing steady contributions.
RAM’s head of consumer and industrial ratings Kevin Lim said: “Dayang’s acquisition of the group is a strategic long-term move for the former in view of its intention to own a larger fleet to execute various hook-up and commissioning and maintenance jobs, given its order book of RM3.98bil running up to mid-2018.”
Accordingly, Dayang has pledged to take up four more vessels on a call-out basis from next year (four vessels on time charters currently), essentially chartering half of Perdana Petroleum’s vessel fleet and contributing about 40% of its top line moving forward.
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