UMWOG units get US$550m syndicated facilities

  • Business
  • Tuesday, 07 Nov 2017

Results were weighed down by the drilling services and oilfield services segments that reported lower revenues mainly due to softer time charter rates from drilling contracts and weaker demand for oilfield services

KUALA LUMPUR: UMW Oil And Gas Corp Bhd’s (UMWOG) units have signed for syndicated facilities worth US$550mil, 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 to Bursa Malaysia, UMWOG said the common terms agreements for the facilities with the banks were signed through its wholly-owned units – Sumber Ribu Sdn Bhd and Sumber Wang Ltd.

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