TNB uni issues US$750m sukuk

by TMR

Tenaga Nasional Bhd’s wholly-owned subsidiary, TNB Global Ventures Capital Bhd, has raised US$750 million through its multi currency sukuk issuance programme.
 
In an exchange filing yesterday, the power utility noted the move will raise its consolidated gearing to 0.43 times from 0.41 times but will not have any impact on its earnings for the current financial year.
 
The issuance programme would provide TNB and its subsidiaries with the flexibility to time its fund-raising exercises as well as have access to a greater diversity of investors, both on and offshore.
 
The sukuk programme has been assigned ratings of A3 Stable by Moody’s Investors Service, Inc and BBB+ Stable by Standard & Poor’s Rating Services.