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ISSUANCE OF USD1.5 BILLION MULTI-CURRENCY SUKUK PROGRAMME BY SIME DARBY GLOBAL BERHAD
ZUL RAFIQUE & partners acted as Malaysian counsel to Sime Darby Global Berhad (as the Issuer) and Sime Darby Berhad (as the Obligor) in its inaugural establishment of a multi-currency Sukuk Issuance Programme of USD1.5billion (or its equivalent in other foreign currency) and its first issuance of a US$400 million Sukuk due in 2018 and US$400 million Sukuk due in 2023. This landmark transaction represents Sime Darby Berhad as the first Asian conglomerate to establish Asia’s first internationally rated multi-currency Sukuk programme under the Shariah principle of Ijarah.
Led by partners Loh Mei Mei, Lim Mun Lai and Celine Rangithan, the transaction was completed in February 2013.
ISSUANCE OF RM650 MILLION SUKUK MUDHARABAH BY N.U.R. POWER SDN BHD
ZUL RAFIQUE & partners acted as legal counsel for Lead Arranger for the issuance by N.U.R. Power Sdn Bhd of RM650 million Islamic medium term notes based on the Shariah principle of Mudharabah which are guaranteed under a syndication by Danajamin Nasional Berhad and Maybank Islamic Berhad. Under the RM650 million co-guaranteed Sukuk programme arranged by Maybank Investment Bank Berhad, Danajamin Nasional Berhad irrevocably and unconditionally guarantees the tranche with the longer maturities of 8 to 15 years amounting to RM500 million and Maybank Islamic Berhad irrevocably and unconditionally guarantees the tranche of RM150 million, with maturities of 1 to 8 years. Both tranches were rated at AAA (fg) and AAA (bg) respectively and the securities were created by the Issuer's subsidiaries, N.U.R. Distribution Sdn Bhd and N.U.R. Generation Sdn Bhd, which were under receivership.
Partner Ashela Ramaya led the transaction.
SYNDICATED TRADE FACILITIES OF UP TO RM2,060 MILLION FOR BOUSTEAD NAVAL SHIPYARD SDN BHD
ZUL RAFIQUE & partners acted as legal counsel for the Mandated Lead Arrangers, Facility Agent and Security Agent in the granting of syndicated trade facilities of up to RM2,060 million to Boustead Naval Shipyard Sdn Bhd to part finance the project for the construction / supply of six (6) Second-Generation Patrol Vessels with combatant capabilities for the Royal Malaysian Navy. The Facilities comprised of an advance payment bond facility of up to RM500 million, letters of credit facility and /or revolving credit facility of up to the combined principal amount of RM850 million, a term loan facility of up to RM240 million, a bank guarantee-i facility under the principle of Al-Kafalah convertible to term financing-i facility under the principle of Bai' Inah of up to RM50 million and a commodity murabahah term financing-i facility under the Shariah principle of Murahabah of up to RM420 million.
Partner Lim Mun Lai led the transaction which was completed on 29 March 2012.