SKPetro

It has signed a rm16.5 billion refinancing club deal with 13 local, regional and international banks.

The refinancing program was put in place to replace and streamline facilities that were inherited following the merger of SapuraCrest Petroleum and Kencana Pet in 2012.

It was also undertaken for the financing of the group’s two most acquisitions the Seadrill tender rig business and the purchase of the entire equity interest in Newfield Holding Inc.

About 80% or rm13 billion of the refinancing package is dedicated for assets that are fully contracted out to independent oil companies and national oil companies.

And about 70% of the borrowings are in USD to hedge again the businesses SKPetro engages in.