IslamicFinance.de

Yinson Holdings is raising more funds through its Yinson TMC unit to raise MYR1.5bn ($385.2m) in perpetual mudharabah bonds. The raised money will be used to refinance outstanding financing facilities, provide funds for working capital and capital expenditure for new projects. AmInvestment Bank and Maybank Investment Bank are the joint principal advisers, joint lead arrangers and joint lead managers for the programme. Yinson also launched another $500m multi-currency perpetual bond programme last year in July.

Yinson Holdings' subsidiary Yinson Production (West Africa) has converted its existing US$780mil conventional loan to an Islamic Murabahah term financing facility. Group executive chairman Lim Han Weng said this was the largest Islamic facility for floating production storage and offloading (FPSO) financing to-date. Maybank Investment Bank acted as the coordinating bank for the conversion while Maybank Islamic acted as the syariah adviser. Upon completion of the conversion, Yinson is expected to meet the debt over total assets financial ratio benchmark required by the Securities Commission for a syariah-compliant security.