Asian Plantations Limited Issuance of Medium Term Notes (1194A)
March 15 2013 - 5:44AM
UK Regulatory
TIDMPALM
RNS Number : 1194A
Asian Plantations Limited
15 March 2013
15 March 2012
Asian Plantations Ltd
("Asian Plantations" or the "Company")
Issuance of Medium Term Notes
Asian Plantations Limited (LSE: PALM), a palm oil plantation
company with operations in Malaysia, is pleased to confirm that,
further to the Company's announcement on 9 January 2013, it has now
completed the second and final issuance of RM155 million
(approximately US$49.8 million) of APL's medium term note programme
("MTN") (the "Second Tranche"), which now totals in aggregate RM255
million (approximately US$81.9 million).
The Second Tranche has been issued via Maybank Investment Bank
Berhad ("Maybank"), a leading Southeast Asian investment bank, to
Malaysian institutional fixed income investors. The MTN programme
is unconditionally guaranteed by Maybank and therefore has been
accorded an AAA rating in the local Malaysian market.
The Second Tranche is comprised of:
-- RM25 million (approximately US$8.0 million) four year
maturity note (due 2017);
-- RM30 million (approximately US$9.6 million) five year
maturity note (due 2018);
-- RM40 million (approximately US$12.8 million) six year
maturity note (due 2019);
-- RM40 million (approximately US$12.8 million) seven year
maturity note (due 2020); and,
-- RM20 million (approximately US$6.4 million) eight year
maturity note (due 2021).
The all-in interest cost to the Company, including the annual
bank guarantee fee, is 5.85%, 5.95%, 6.05%, 6.15% and 6.25% for the
four, five, six, seven and eight year notes, respectively. This
represents a 269 basis point ("bps") premium for the four year
tranche over the equivalent four year Malaysian Government
Securities ("MGS"), currently trading at 3.16% and a 282 bps
premium over the equivalent eight year MGS trading at 3.43%.
Approximately RM132.2 million (approximately US$42.5 million) of
the proceeds from the Second Tranche are earmarked for refinancing
of existing loans and the remainder for general working capital
purposes.
Dennis Melka, APL's Joint Chief Executive Officer,
commented:
"We are delighted to complete the MTN issuance at highly
competitive rates with strong oversubscription from Malaysian
institutional investors."
-END-
For further information contact:
Asian Plantations Limited
Graeme Brown, Co-Founder & Joint Chief Tel: +65 6325 0970
Executive Officer
Dennis Melka, Co-Founder & Joint Chief
Executive Officer
Strand Hanson Limited
James Harris Tel: +44 (0) 20 7409
James Spinney 3494
James Bellman
Macquarie Capital (Europe) Limited
Steve Baldwin Tel: +44 (0) 203
Dan Iacopetti 037 2000
Panmure Gordon (UK) Limited
Tom Nicholson Tel: +65 6824 8204
Callum Stewart Tel: +44 (0) 20 7886
2500
Bankside Consultants
Simon Rothschild Tel: +44 (0) 20 7367
8871
This information is provided by RNS
The company news service from the London Stock Exchange
END
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