The Guaranteed Notes, which are in two tranches – USD 400 million due 2009 and USD 700 million due 2014 – were both issued by Labuan-Incorporated MISC Capital (L) Limited, a wholly-owned subsidiary of MISC.
With these Guaranteed Notes, there are now 19 instruments listed on LFX, comprising five Syariah compliant certificates (Sukuk), five investment funds and nine conventional debt instruments and exchangeable bonds, with a total market capitalisation of USD8.35 billion.
The two Notes, which are fully guaranteed by MISC, had a primary listing on the Luxembourg Stock Exchange on 2 July 2004.
In welcoming the listings, LFX Board Member, Encik Yusli Mohamed Yusof who is also Chief Executive Officer of Bursa Malaysia, the holding company of LFX, noted that Malaysian corporations should continue to tap the opportunities offered by LFX in meeting their needs.
“Such a move would not only contribute towards enhancing the profile of Malaysian corporations and financial instruments internationally but also promote LFX.”
Malaysian corporations which have already listed their non-ringgit financial instruments on LFX, either directly or through their subsidiaries, include Rashid Hussain Bhd, Genting Bhd, Tenaga Nasional Bhd, Kumpulan Guthrie Bhd and 1st Silicon (Malaysia) Sdn Bhd.
The Notes, which have been rated BBB+ by Standard Poor’s and Baa1 by Moody’s, carry coupon interest of 5% per year for the 2009 notes and 6.125% per year for the 2014 notes.
A major portion of proceeds from the Notes were utilised by the MISC group to repay a bridging loan used earlier to finance its acquisition of American Eagle Tankers Inc. Ltd. Part of the proceeds were also utilised to finance a portion of the capital expenditure related to MISC’s new buildings.
MISC is a subsidiary of Petronas, the national oil and gas company of Malaysia and serves as Petronas’ exclusive liquefied natural gas (LNG) transportation provider and principal logistics solutions provider. MISC’s core business is energy-related maritime and logistics. MISC has the distinction as the largest single operator of owned LNG carriers as well as operates the second largest fleet of Aframax petroleum tankers in the world. It is also listed on the Main Board of Bursa Malaysia Securities Berhad.
The listing sponsor for the listing of the MISC Capital Notes is CIMB (L) Limited. Licensed by the LFX, a listing sponsor is primarily responsible to arrange for the listing of instruments on the LFX and for any subsequent post listing obligations arising.
As a web-based exchange at www.lfx.com.my, LFX offers market participants and investors around the world, fast and efficient access to its services. Wholly owned by Bursa Malaysia Berhad, LFX is an international offshore financial exchange that facilitates the listing of a multitude of multi-currency instruments and allows the issuer the flexibility to structure the instruments that best suit their funding needs.
