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IOI today listed its 3RD Exchangeable Bonds issue on Labuan International Financial Exchange (LFX). The primary listing of USD600 million nominal value five (5) year unsecured guaranteed 3rd exchangeable bonds were issued by IOI’s Labuan registered special purpose company IOI Resources (L) Berhad.
The book-building exercise for the exchangeable bonds for the final issue size of USD600 million was oversubscribed by five (5) times, as a result of strong demand from wide range of global investors.
The IOI Resources (Labuan) exchangeable bonds, which are due in 2013, are exchangeable into new ordinary shares of IOI Corporation Berhad and are fully guaranteed by IOI Corporation Berhad.
"The primary listing of the exchangeable bonds further reflects the increasing acceptance of LFX as a premier offshore exchange by Malaysian corporations issuing foreign currency bonds and in particular IOI who have had 3 listings on the LFX before this since 2004" said LFX Board Member and Chief Executive Officer of Bursa Malaysia, the holding company of LFX, Dato Yusli Mohamed Yusoff.
The Issuer intends to on-lend or otherwise provide the entire net proceeds from this offering to IOI and/or its subsidiaries. The IOI Group intends to use the net proceeds to fund capital expenditure, investments/acquisitions, working capital and otherwise for its general corporate purposes.
The Listing Sponsor for the listing on LFX is AmInternational (L) Limited. Licensed by the LFX, a listing sponsor is primarily responsible to arrange for the listing of instruments on the LFX and for any subsequent post listing obligations arising.
Citibank Malaysia (L) Limited is the Sole Bookrunner and Lead Manager, with Barclays Capital and AmInternational (L) Limited being the Senior Co-Lead Managers.