Malaysia Airports may sell up to RM 3.1 billion CP, MTNs under program

By Susanna Moon

Chicago, Aug. 5 - Malaysia Airports Holdings Bhd.'s subsidiary, Malaysia Airports Capital Bhd., plans to offer Islamic commercial paper and Islamic medium-term notes under a RM 3.1 billion program, according to an announcement by CIMB Islamic Bank Bhd.

CIMB and Citibank Bhd. are the joint principal advisers, joint lead arrangers and joint lead managers for the proposed programs.

There is a sub-limit of RM 1 billion for the amount of commercial paper that may be issued under the program.

The sukuk programs are expected to be implemented by the third quarter of 2010.

Proceeds will be used to help finance the construction of a new terminal, which is expected to be completed by the end of the first quarter of 2012, and to refinance debt.

The commercial paper and medium-term notes have been given a preliminary short-term rating of P1 and a preliminary long-term rating of AAA (with stable outlook) by RAM Rating Services Bhd.

The proposed sukuk program requires regulatory approval.

The issuer is a Subang, Malaysia-based investment holding company that operates in five segments through its 25 subsidiaries, including duty free and non dutiable goods, airport services and hotel management.

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