Malaysia : LNG Carrier MISC to Arrange US$500m loan
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Thursday, 14 August 2008 |
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MISC Bhd, the world's biggest owner of liquefied natural gas tankers,
hired five banks to arrange a US$500 million loan for working capital,
said two people involved in the deal.
Bank of Tokyo-Mitsubishi UFJ Ltd, BNP Paribas SA, Mizuho Financial Group Inc, Oversea-Chinese Banking Corp, and Sumitomo Mitsui Financial Group Inc are arranging the five-year loan that pays interest 1 percentage point above the London interbank offered rate, said the people, who declined to be identified because the information isn't public.
The loan amount may increase because the deal has received more than US$500 million of commitments from lenders before the syndication closes around early September, said the people. MISC spokeswoman Fiona Clare Pereira declined to comment.
The Kuala Lumpur-based company, founded in 1968, recorded a 10 per cent increase in net income for the three months ended March 31 to RM774.4 million (US$233 million).
MISC, a unit of national oil company Petroliam Nasional Bhd, scrapped a plan to sell US$750 million of 10-year bonds in June last year as subprime-mortgage crisis drove borrowing costs higher, according to an e-mail sent to investors.
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