By Marisa Wong
Madison, Wis., March 16 - Tanjung Bin Energy Issuer Bhd. issued RM 3.29 billion of Islamic medium-term notes on Friday, according to an announcement by Maybank Investment Bank Bhd.
Tanjung previously announced that it planned to issue up to RM 4.5 billion of the medium-term notes. The Malaysia Securities Commission approved the proposed sukuk offer last month. The unissued RM 1.21 billion of the planned offer has been automatically canceled.
As previously noted, the notes have maturities of one to 20 years.
Proceeds will be used to partially fund the construction, installation, commissioning, operation and maintenance of an electricity generating facility located in Tanjung Bin, Johor, Malaysia.
RAM Rating Services Bhd. assigned a rating of AA3 to the sukuk.
The issuer is a wholly owned subsidiary of Tanjung Bin Energy Sdn. Bhd., which is in turn wholly owned by Malakoff Corp. Bhd., 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: | Tanjung Bin Energy Issuer Bhd.
|
| Issue: | Islamic medium-term notes
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| Amount: | RM 3.29 billion
|
| Maturity: | One to 20 years
|
| Settlement date: | March 16
|
| Rating: | RAM: AA3
|
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