Malaysia's Petra Perdana plans to sell RM800 million in bonds

By Reshmi Basu

New York, Dec. 20 - Kuala Lumpur-based Petra Perdana said it plans to issue a total of RM800 million in two bond issues, according to a statement filed with the Malaysian Securities Commission.

The company will issue RM400 million of secured serial bonds in nine tranches in the first quarter of 2006. Maturities will range from two to seven years.

The company also plans to establish a 10-year medium-term note program up to RM400 million.

Proceeds will be used to refinance existing credit facilities and for working capital purposes.

The proposal should secure a cost effective long term financing in the domestic debt market, the oil and gas company said.

United Overseas Bank Bhd. is the lead arranger.

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