exchangeable-into-ytl-corp-upsized-to-300-million

Exchangeable into YTL Corp upsized to $300 million

Credit Suisse and CIMB replace JPMorgan to complete the Malaysian deal which has been pending for almost 12 months.

Anette Jönsson

May 09, 2007

A subsidiary of MalaysiaÆs YTL Corporation last night issued $300 million worth of bonds exchangeable into existing shares of the parent company through Credit Suisse and CIMB. Being the first equity-linked issue out of Malaysia this year, and only the third since the beginning of 2006, the deal was well received by CB specialist investors, which allowed the bookrunners to exercise the $50 million overallotment option immediately.

According to a source, the initial base size of $250 million was about three times covered. The deal, which was issued by YTL Corp Finance but guaranteed by YTL Corp, was open for approximately three hours yesterday evening and attracted about 55 investors.

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