Lekir Bulk Terminal LBT has raised M$445 million $117 million via structured project bonds to finance a M$310 million jetty terminal in Lumut in the Malysian state of Perak. The bonds, rated AA3s by Rating Agency Malaysia RAM, have a zero coupon and will be repaid in 19 semi-annual instalments between 2003 and 2012. The aggregate average yield on the bonds is around 8%, ranging from 6.20% at the short end to 8.65% for the longer maturities.
We have received a very favourable response from the market. The bonds are fully subscribed, with the short and medium-term tranches oversubscribed, says Jerry Yeoh, head of capital markets at...
