Ranhill: Malaysia's Senai-Desaru funds RM 1.46 billion redemption with new Islamic MTNs

By Marisa Wong

Madison, Wis., Jan. 3 - Majority convertible loan stockholder Ranhill Bhd. announced that Senai-Desaru Expressway Bhd. recently issued Islamic medium-term notes under an up to RM 1.89 billion senior Islamic MTN program and an up to RM 3.69 billion junior Islamic MTN program.

Proceeds were used to redeem all RM 1.46 billion of Senai-Desaru's outstanding Bai' Bithaman Ajil Islamic debt securities on Dec. 31.

The new notes have been assigned ratings of A+IS and A-IS by Malaysian Rating Corp. Bhd. with stable outlooks in consideration of Senai-Desaru's improved financial and maturity profile, according to a news release.

Senai-Desaru Expressway is an expressway in Johor, Malaysia. Its construction was led by Senai-Desaru Expressway with Ranhill as the main contractor.

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