UMW-OG units secure RM2.3bil syndicated facilities

  • Business
  • Monday, 06 Nov 2017

UMW oil and gas division

KUALA LUMPUR: UMW Oil And Gas Corp Bhd’s (UMW-OG) units have signed for syndicated facilities worth US$550mil (RM2.33bil), arranged by Maybank Investment Bank Bhd as the sole coordinating arranger and book-runner, as well as Affin Hwang Investment Bank Bhd and CIMB Islamic Bank Bhd as the additional mandated lead arrangers.

In a filing with Bursa Malaysia on Monday, UMW-OG said  the common terms agreements for the facilities with the banks were signed through its wholly-owned subsidiaries -- Sumber Ribu Sdn Bhd and Sumber Wang Ltd.

The revolving facilities for Sumber Ribu Sdn Bhd were a US$110mil Commodity Murabahah Revolving Credit Facility-i (Islamic), RM110mil Commodity Murabahah Revolving Credit Facility-i and US$47mil Islamic trade facility, it said.

Meanwhile, for Sumber Wang Ltd, the facilities were a five-year US$145mil Commodity Murabahah Term Financing Facility-i and a 10-year US$220mil Commodity Murabahah Term Financing Facility-i, it said.

“The proceeds will be applied, among others, towards refinancing the company’s existing working capital and similar indebtedness and its related corporations, payment of costs and expenses, as well as hedging arrangements in connection with the term facilities,” it said. - Bernama

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