Malaysian power plant financing to be finished early next year

Malakoff subisidiary to issue M$300 million of commercial paper following October''s M$850 million bond sale.

The M$1.15 billion $302.6 million Islamic project financing arranged by Citibank and Aseambankers for GB3, a gas-fired power plant owned by Malaysia's largest private power producer, Malakoff, will be completed early next year.

In October, GB3, a wholly-owned subsidiary of Malakoff, tapped the Malaysian bond markets with a M$850 million issue of Islamic bonds from a medium term note programme.

The remaining M$300 million will be raised in the first quarter of 2002 from a commercial paper offering, according to officials at one of the leads.

The initial bond deal was split into seven tranches with an average size of M$120 million and maturities ranging from seven to thirteen years.

The transaction was...

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