KUALA LUMPUR (Nov 6): UMW Oil & Gas Corporation Berhad (UMWOG) has via its units Sumber Ribu Sdn Bhd and Sumber Wang (L) Ltd, entered into revolving credit facilities for the refinancing of existing working capital and similar debts and expenses related to the facilities.  

In a filing to Bursa Malaysia today, UMWOG said the agreement with Sumber Ribu was for a US$110 million Commodity Murabahah Revolving Credit Facility-i and an RM110 million Commodity Murabahah Revolving Credit Facility-i, with an option to upsize the latter facility by RM90 million.

UMWOG said it also inked an agreement with Sumber Ribu for a US$47 million USD Islamic Trade Facility and a conventional USD facility of RM15 million to be used for its working capital and hedging arrangements.

It said the tenure of the revolving facilities is for a tenure of up to 10 years, comprising an initial firm period of 3 years and subject to annual renewal thereafter.

The company also signed a 5-year USD Commodity Murabahah Term Financing Facility-i of US$145 million and a 10-year USD Commodity Murabahah Term Financing Facility-i of US$220 million with Sumber Wang.

UMWOG said the approval of Bank Negara Malaysia for the facilities has been obtained.

It said the facilities are not subject to the approval of its shareholders.

UMWOGF said the facilities were arranged by Maybank Investment Bank Berhad as the sole coordinating arranger and bookrunner; and Affin Hwang Investment Bank Berhad, CIMB Islamic Bank Berhad and Maybank Investment Bank Berhad as the mandated lead arrangers.

At the noon break today, UMWOG fell 2.94% or 1 sen to 33 sen, with 29.66 million shares traded.