(Corrects adviser in paragraph 4 to RBC from RBS)
HONG KONG Aug 16 Malaysian state-owned utility
Tenaga Nasional Bhd is seeking 1 billion euros ($1.33
billion) in financing to back a bid for Ireland's Bord Gais
Energy, Basis Point reported on Friday, citing bank sources.
Several unnamed international and Malaysian banks had
submitted proposals after Tenaga sent out a request for
proposals for a bridge loan, the report said. A mandate for the
loan has not been awarded. Basis Point is a Thomson Reuters
Bord Gais Eireann announced in May that it had
started the sale process for its energy unit, which sources
expect to fetch about 1.5 billion euros.
RBC Capital Markets is financial adviser to Bord Gais
Eireann. The Irish state-owned group plans to complete the sale
by the end of the year.
Bord Gais Energy is targeting EBITDA of about 160 million
euros by 2015 and 250 million euros by 2018, according to Bord
The energy supplier has a 445MW power plant, a portfolio of
onshore wind assets, and an energy distribution network business
in Northern Ireland.
Tenaga's deal would add to record M&A loan volume this year
for Malaysia, boosted by aggressive expansion at home and
abroad, which could eventually exceed $3 billion, according to
Thomson Reuters LPC data. Malaysia's previous highest M&A loan
volume was $1.37 billion in 2010.
In April, Malaysian oil and gas firm SapuraKencana Petroleum
Bhd sealed a $1.85 billion 12-month bridge loan to acquire
Seadrill Ltd's tender oil rig business.
Seadrill, the world's biggest offshore rig group by market
value, is listed in New York and Oslo.
Malaysian government-linked Employees Provident Fund, along
with Malaysian conglomerate Sime Darby Bhd and
property developer SP Setia Bhd, is raising a roughly 790
million pound ($1.23 billion) financing related to its purchase
of London's Battersea Power Station.
($1 = 0.7546 euros)
($1 = 0.6428 British pounds)
(Reporting by Jacqueline Poh and Prakash Chakravarti of Basis
Point; Writing by Stephen Aldred; Editing by Matt Driskill and