Chicago, April 14 – MISC Capital Two (Labuan) Ltd. drew $1 billion (Baa2/BBB) under its medium-term note program in a bond deal that priced in two parts, according to pricing supplements.
Both notes are guaranteed by parent MISC Bhd.
The company priced $400 million of 3 5/8% notes at 99.927 with a three-year tenor.
Additionally, MISC sold $600 million of 3¾% notes at 99.716 with a five-year tenor.
The three-year notes are non-callable. The five-year notes are callable after March 6, 2027.
Citigroup Global Markets Singapore Pte. Ltd. and Standard Chartered Bank (Singapore) Ltd. are the joint global coordinators for the Rule 144A and Regulation S issue.
They are joined by joint bookrunners Malayan Banking Bhd. and MUFG Securities Asia Ltd. Singapore Branch.
Proceeds will be provided to the parent for general corporate purposes. This may include financing capital expenditures, working capital or refinancing debt.
The issuer is the leading international shipping line of Malaysia and is based in Kuala Lumpur. The company was previously known as International Shipping Corp. Bhd.
| Issuer: | MISC Capital Two (Labuan) Ltd.
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| Guarantor: | MISC Bhd.
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| Amount: | $1 billion
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| Issue: | Senior guaranteed notes
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| Bookrunners: | Citigroup Global Markets Singapore Pte. Ltd., Standard Chartered Bank (Singapore) Ltd., Malayan Banking Bhd. and MUFG Securities Asia Ltd. Singapore Branch
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| Trade date: | March 30
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| Settlement date: | April 6
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| Ratings: | Moody’s: Baa2
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| S&P: BBB
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| Fitch:
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| Distribution: | Rule 144A and Regulation S
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|
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| Three-year notes
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| Amount: | $400 million
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| Maturity: | April 6, 2025
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| Coupon: | 3 5/8%
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| Price: | 99.927
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| Call: | Non-callable
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| Cusips: | 60475DAA9, Y6080GAA5
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|
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| Five-year notes
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| Amount: | $600 million
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| Maturity: | April 6, 2027
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| Coupon: | 3¾%
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| Price: | 99.716
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| Call: | After March 6, 2027 at par
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| Cusips: | 60475DAB7, Y6080GAB3
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