By Marisa Wong
Madison, Wis., Dec. 17 - Malaysia's Malakoff Power Bhd. issued RM 5.38 billion of sukuk on Tuesday, according to an announcement by Maybank Investment Bank Bhd. The sukuk are guaranteed by parent company Malakoff Corp. Bhd.
According to a Nov. 26 announcement, Malakoff Power planned to issue up to RM 5.4 billion of sukuk one-off in tranches, with each tranche having a tenor of more than one year and up to 18 years.
Maybank said that the remaining RM 20 million of planned sukuk has been canceled.
Proceeds will be used for the early redemption of RM 4.9 billion of outstanding sukuk issued in January 2013, as noted before.
Malaysian Rating Corp. Bhd. assigned a rating of AA-(IS) to the sukuk.
Malakoff is a 51% owned subsidiary of MMC Corp. Bhd. MMC is a Kuala Lumpur, Malaysia-based company engaged in investment holding, construction, mining and mineral exploration.
| Issuer: | Malakoff Power Bhd.
|
| Guarantor: | Malakoff Corp. Bhd.
|
| Issue: | Sukuk
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| Amount: | RM 5.38 billion
|
| Settlement date: | Dec. 17
|
| Rating: | Malaysian Rating: AA-(IS)
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