Friday, Jun 27, 2008
KUALA LUMPUR (Dow Jones)--Malaysia's toll operator PLUS Expressway Bhd. (5052.KU) said Friday its independent special purpose company PLUS SPV Berhad has issued a MYR1.06 billion nominal value sukuk to investors identified via a bookbuilding process.
The sukuk is part of its up to MYR4.0 billion, 18-year medium term note program based on the Islamic principle of musyarakah - a partnership where profits and losses are shared.
The company said the proceeds raised will be used to refinance its loans.
CIMB Investment Bank Bhd. is the sole principal advisor, lead arranger and lead manager.
RAM Rating Services Berhad has rated up to MYR2.8 billion nominal value of the Sukuk program, AA1.
"Any additional issuance above MYR2.8 billion under the sukuk program requires rating confirmation by the rating agency," PLUS said.
No other details were given.
Last week, Dow Jones Newswires reported cited a fund manager familiar with the plan as saying that PLUS SPV has priced its sukuk at the higher end of its price guidance at its book close June 19.
The MYR175 million five-year sukuk was priced at 5.9%, the high end of its yield guidance of between 5.6% and 5.9%; the yield for the six-year MYR125 million sukuk was at 6%; the seven-year MYR125 million sukuk was at 6.2%; the eight-year MYR140 million sukuk was at 6.43% and the nine-year MYR110 million sukuk at 6.68%.
The fund manager said the 10-year MYR175 million sukuk and the 11-year MYR150 million sukuk were privately placed.
-By Elffie Chew, Dow Jones Newswires; (603) 2692 5254; elffie.chew@dowjones.com
(END) Dow Jones Newswires
27-06-08 1145GMT
