SapuraKencana Petroleum subsidiary $2.3 billion murabaha

Overview:

• SapuraKencana Petroleum's subsidiary has secured a $2.3 billion syndicated senior multi-currency murabaha (deferred sale) term facility, the largest syndicated Islamic facility in the Malaysian market to date.
• The funds will be used to refinance one tranche of an existing multi-currency facility, increasing the level of shariah-compliant financing taken out by SapuraKencana and making the company eligible to return to the Securities Commission's List of shariah-compliant securities.
• Maybank Investment Bank coordinated the group of 11 lenders.
• The deal illustrates the rate at which corporates in Asia are growing and their funding needs alongside the deep and liquid nature of Malaysia’s Islamic finance market.
• Allen & Overy (Jason Humphreys) advised Maybank Investment Bank alongside Zul Rafique & Partners as Malaysia counsel.
• Watson Farley & Williams - Asia Practice (Andrew Nimmo) advised SapuraKencana.