Milbank LLP advised a banking consortium of 13 Malaysian, regional and international banks in connection with the approximately RM10.3 billion (US$2.5 billion) debt refinancing of Sapura TMC Sdn Bhd (Sapura TMC), a wholly-owned subsidiary of Sapura Energy Berhad (Sapura Energy). The new multi-currency financing facility consists of a Conventional Facility Agreement and a Sukuk Murabahah issuance under the Multi-Currency Sukuk Programme announced in 2015.
The lenders include Maybank Islamic Berhad, CIMB Bank Berhad, CIMB Islamic Bank Berhad, RHB Islamic Bank Berhad, AmBank (M) Berhad, AmBank Islamic Berhad, Export-Import Bank of Malaysia Berhad, United Overseas Bank Limited-Labuan Branch, United Overseas Bank Limited, Sumitomo Mitsui Banking Corporation-Labuan Branch, ING Bank N.V.-Singapore Branch, Standard Chartered Bank Offshore Labuan and First Abu Dhabi Bank PJSC-Labuan Branch.
Earlier this year Milbank also advised Maybank Islamic Berhad and Maybank Investment Bank Berhad in connection with the MYR 700M (approximately US$173 million) Islamic working capital and invoice financing facilities extended to affiliates of Sapura Energy. This loan combined revolving Murabahah and Islamic invoice financing facilities.
The Milbank team was led by Singapore partners David Zemans and Jacqueline Chan, with lead associate Rob Thompson, associate Min Kim and law clerk Yixian Zhao.
Ms. Chan said: “Milbank is very pleased to leverage its considerable strength and experience in large and complex cross-border financings in Asia to bring the transactions to a successful close. Despite challenging market conditions, this complex refinancing was effected with a large and diverse group of lenders demonstrating Sapura Energy’s leading reputation in the market.”
Mr. Zemans said: “We are very proud to have supported Sapura Energy and its lenders on this very complex transaction. This is another example of Milbank’s market-leading capabilities in the international energy sector and our ability to help bring complex cross-border transactions to a successful close.”
