March 20, 2014 / 5:35 AM / 4 years ago

Malaysia's SapuraKencana signs $5 bln refinancing to help fund acquisitions

KUALA LUMPUR, March 20 (Reuters) - Malaysian oilfield service provider SapuraKencana Petroleum Bhd said on Thursday it has signed a $5 billion refinancing deal with 13 banks to partly fund two of its most recent acquisitions.

The company bought Seadrill Ltd’s tender rig business in 2012 and the entire equity stake of Newfield Exploration Co’s Malaysian oil and gas assets last year.

The refinancing was also done to replace and streamline its existing borrowing facilities, SapuraKencana said in a statement.

The deal, of which 70 percent is in U.S. dollars, constitutes a senior multi-currency term and revolving facilities with short and long-term tenures of up to seven years, according to the company.

Maybank and CIMB were the coordinating banks while Maybank acted as the agent and the security agent, it added.

Shares of SapuraKencana ended the morning session 1.19 percent lower at 4.16 ringgit per share, underperforming the benchmark index’s 0.23 percent drop. The shares have climbed 39.4 percent over the past year. (Reporting By Yantoultra Ngui; Editing by Matt Driskill)

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