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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Panther Metals Plc | LSE:PALM | London | Ordinary Share | IM00BRF2WV49 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 90.50 | 88.00 | 93.00 | 90.50 | 90.50 | 90.50 | 1,890 | 08:00:03 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 0 | -953k | -0.2355 | -3.84 | 3.66M |
From Jul 2019 to Jul 2024
TIDMPALM
RNS Number : 0678D
Asian Plantations Limited
10 May 2012
10 May 2012
Asian Plantations Limited
("APL" or the "Company")
Issuance of medium term notes
Asian Plantations Limited (LSE: PALM), a palm oil plantation company with operations in Malaysia, is pleased to confirm that, further to the Company's announcement on 29 February 2012, it has now completed the issuance of the initial tranche of RM100 million (approximately US$32.6 million) (the "Initial Tranche") of APL's medium term note programme ("MTN").
The Initial Tranche has been issued via Maybank Investment Bank Berhad ("Maybank"), a leading Southeast Asian investment bank, to Malaysian institutional fixed income investors and represents an initial part of debt funding which the Company anticipates will total approximately RM255 million (approximately US$83 million), with various maturities ranging to up to ten years. The MTN programme is unconditionally guaranteed by Maybank and therefore has been accorded an AAA rating in the local Malaysian market.
The Initial Tranche is composed of a RM65 million (approximately US$21.2 million) ten year maturity note (due 2022) and a RM35 million (approximately US$11.4 million) nine year maturity note (due 2021). The all-in interest cost to the Company, including the annual bank guarantee fee, is 6.00% and 6.10% for the nine and ten year notes, respectively. This represents a 244 basis point ("bps") premium for the nine year tranche over the equivalent nine year Malaysian Government Securities ("MGS"), currently trading at 3.56% and a 252 bps premium over the equivalent ten year MGS trading at 3.58%.
The proceeds from the Initial Tranche are currently intended to be used towards funding the Company's plantation development, construction of the crushing mill and for general working capital purposes.
The remaining tranches of the MTN programme are expected to be issued during the course of 2012 and 2013. The Company will provide further updates if and when these tranches are issued.
Dennis Melka, APL's Joint Chief Executive Officer, commented:
"We are delighted to announce the first issuance of the medium term note programme. The MTN diversifies the Company's funding sources, with the Initial Tranche of nine and ten year notes successfully being priced at 244 bps and 252 bps over the equivalent Malaysian government securities, respectively. This tight credit spread reflects the current asset value of the Company and its strong projected free cash flow in the years ahead."
For further information contact:
Asian Plantations Limited Graeme Brown, Joint Chief Executive Tel: +65 6325 0970 Officer Dennis Melka, Joint Chief Executive Officer Strand Hanson Limited James Harris Tel: +44 (0) 20 7409 3494 Paul Cocker Liam Buswell Panmure Gordon (UK) Limited Tom Nicholson Tel: +65 8614 7553 Callum Stewart Tel: +44 (0) 20 7459 3600 Macquarie Capital (Europe) Limited Steve Baldwin Tel: +44 (0) 20 3037 2000 Dan Iacopetti Bankside Consultants Simon Rothschild Tel: +44 (0) 20 7367 8871
This information is provided by RNS
The company news service from the London Stock Exchange
END
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