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deals of the year
results
Size
Issuer
Co-managers
Project Finance: Boustead Naval Shipyard Syndicated Trade Facilities of up to RM2.06 billion (US$67.7 million)
Joint Mandated Lead Arrangers
Legal Counsel to Lead Managers
Syndicated Trade Facilities of up to US$67.7 million (RM2.06 billion)
Boustead Naval Shipyard
Bank Kerjasama Rakyat Malaysia, Bank Muamalat Malaysia
Affin Investment Bank, AmInvestment Bank, Maybank Investment Bank
Zul Rafique & Partners
(Facilities) comprising:
(i) Advance payment bond facility of up to RM500 million (US$164.34 million);
(ii) Letters of credit facility and/or revolving credit facility of up to the combined principal amount of RM850 million (US$279.39
million);
(iii) Term loan facility of up to RM240 million (US$78.88 million);
(iv) Bank guarantee-i facility under the principle of Al-Kafalah convertible to term financing-i facility under the principal of Bai’ Inah
of up to RM50 million (US$16.43 million); and
(v) Commodity Murabahah term financing-i facility under the Shariah principle of Murabahah of up to RM420 million (US$138.05
million).
The Islamic facilities form part of total syndicated facilities of up to RM4.9 billion (US$1.61 billion). The secured facilities are
designed to be drawn in two tranches. The facilities are meant to support the construction/supply of six second-generation patrol
vessels for the Royal Malaysian Navy.
Honorable Mention: Tanjung Bin Energy Issuer; Kimanis Power; and, Qatar Solar Technologies
Size
Issuer
Advisors
Joint Bookrunners
Legal Counsel for relating to Malaysian
Law
Legal Counsel
Legal Counsel
Joint Bookrunners
Malaysian Counsel for due diligence on the
lands and licences held by FGVH Group
IPO: Felda Global Ventures US$3.4 billion IPO
US$ 5.43 billion (RM16.59 billion)
Felda Global Ventures Holdings
CIMB Investment Bank, Maybank Investment Bank
Deutsche Bank, JP Morgan, Morgan Stanley
Albar & Partners
Adnan, Sundra & Low (for Joint Global Coordinators and Bookrunners as to Malaysian Law for
the Advisors)
Linklaters (for Joint Global Coordinators and Joint Bookrunnres as to United States and
English Law for the Advisors)
Deutsche Bank, JP Morgan, Morgan Stanley
Azmi & Associates
Rather than a sign of stagnant global markets, Felda represents the growing importance of the Islamic and Asian markets.
Malaysia’s largest-ever IPO was also the second largest IPO globally in 2012. The IPO attracted global investors seeking to
participate in the prospective upside of Felda’s palm plantations, sugar refining and crude palm oil refining. Felda was particularly
complex due to the number of jurisdictions in which the shares would be offered, which included listing on Bursa Malaysia. The
offering included a Regulation S security, which excluded US investors; and, a Rule 144A series in order to attract qualified
investors from the US.
Honorable Mention: Astro Malaysia Holdings and IHH Healthcare
Size
Issuer
Lead Arranger
Africa: SAMIR US$200 million Syndicated Murabahah Financing
US$180 million
Societé Anonyme Morocaine De I’Industrie Du Raffinage
International Islamic Trade Finance Corporation
This is the first structured trade finance agreement for a Moroccan public sector obligor. The transaction is expected to pave the
way for further Islamic finance solutions in both the public and private sectors. The transaction is secured by a warehouse receipt
covering the facility and adjusting for changes in the price of crude oil. SAMIR successfully fed its supply chain in a structure that
is replicable and uses proven structures from the ITFC toolkit.
38 March 2013