Petronas launches US dollar fundraising

Malaysian oil giant makes a rare foray into the loan market.

Petroliam Nasional Bhd is tapping the market for a $267 million dual tranche facility to refinance its existing debts. The deal was launched into general syndication late on Tuesday night by arrangers Barclays Capital and Dresdner Kleinwort Wasserstein.

Banks have been sent invitations offering three commitment levels with the top tier title of lead arranger available for tickets of $25 million. The financing is split between a $162.5 million four year portion priced at 35.9bp all-in for an average life of 2.03 years and a $94.5 million six year tranche paying 48.2bp for 3.43 years.

Many bankers have been looking forward to getting a good look at this credit as it...

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