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SapuraKencana Signs $5 bln Refinancing to Help Fund Acquisitions

Source: Reuters 3/20/2014, Location: Asia

Malaysian oilfield service provider SapuraKencana Petroleum Bhd has signed a $5 billion refinancing deal with 13 banks to partly fund two of its most recent acquisitions.

The company bought Seadrill Ltd's tender rig business in 2012 and the entire equity stake of Newfield Exploration Co's Malaysian oil and gas assets last year.

The refinancing was also done to replace and streamline its existing borrowing facilities, SapuraKencana said in a statement.

The deal, of which 70 percent is in U.S. dollars, constitutes a senior multi-currency term and revolving facilities with short and long-term tenures of up to seven years, according to the company.

Maybank and CIMB were the coordinating banks while Maybank acted as the agent and the security agent, it added.

Shares of SapuraKencana ended the morning session 1.19 percent lower at 4.16 ringgit per share, underperforming the benchmark index's 0.23 percent drop. The shares have climbed 39.4 percent over the past year.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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