Malaysia's Malakoff terminates plans for $200 million convertible offering

By Jennifer Chiou

New York, Jan. 25 - Malakoff Bhd. announced its board decided not to proceed with plans to sell up to $200 million of five-year guaranteed convertible bonds.

The company plans to raise funds through alternative forms of financing.

On April 29, 2005, the company announced plans to sell the convertibles, which would have been convertible into Malakoff shares.

The securities would have been offered outside the United States and Malaysia under Regulation S.

Malakoff had said it would sell the bonds via an offshore special-purpose vehicle.

Proceeds would have been used to expand the company's overseas power-related business.

Malakoff had expected to issue the convertibles at par and sell them with a 0% coupon.

The company is a Kuala Lumpur, Malaysia-based independent power producer.

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