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.
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.”