MISC Issues Bonds To Buy Ships

Monday, February 26, 2001
Malaysian International Shipping Corp (MISC), the country's flag carrier, is planning to issue yankee bonds worth up to $500 million in the next few weeks. The yankee bond offering, where the debt is issued in the U.S. market, will be the second from Malaysia this year. Traders said state power firm Tenaga Nasional would issue $800 million in bonds by the middle of next month, with the company expected to go on a roadshow soon. "MISC is looking to raise $350 to $500 million to finance ship acquisitions," said a dealer at a foreign bank. But another source said the shipping line could be tapping a maximum of $400 million. The MISC issue was seen as likely to precede a similar issue by its parent Petronas. The state oil firm owns 62 percent of MISC. Both sources said MISC could be borrowing under Petronas' name to enjoy better rates. "MSIC is borrowing based on Petronas credit," said a Singapore-based trader. Moody's Investor Service Inc in October upgraded the long-term debt rating for global bonds, yen bonds and notes of Petronas to Baa2 from Baa3. Its rating outlook was stable. Petronas was considering tapping global funds to help finance its oil exploration projects in Chad and Sudan, traders said. Tenaga is expected to use the money raised in its offering to refinance its debts. - (Reuters)
Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Coast Guard Academy Cadet to Receive Fulbright Scholarship

Stephen Horvath, a first class cadet at the U.S. Coast Guard Academy, was recently granted a two-year Fulbright Scholarship to study renewable energy technologies

Ecochlor Presents BWTS Case Study at CMA

Ballast water treatment technology developer Ecochlor Inc. presented a project case study yesterday at CMA Shipping 2015 in Stamford, Conn. The case study covered

Golden Ocean and Knightsbridge Complete Merger

The merger between Knightsbridge Shipping Limited and Golden Ocean Group Limited was approved today at special meetings of both companies' shareholders.      The new company,

Finance

Golden Ocean and Knightsbridge Complete Merger

The merger between Knightsbridge Shipping Limited and Golden Ocean Group Limited was approved today at special meetings of both companies' shareholders.      The new company,

Panama Canal Sets Sight on Another Expansion

As it enters the final stretch of a massive expansion, the Panama Canal Authority is setting its sights on an even more ambitious project worth up to $17 billion

Baltic Sea Freight Index Flat on Muted Vessel Activity

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, remained steady on Thursday due to a muted vessel activity.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Pod Propulsion Salvage Ship Electronics Ship Repair Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1455 sec (7 req/sec)