Tenaga bags RAM Blueprint Award 2011

Tenaga Nasional Berhad's (TNB) RM5 billion sukuk, one of the largest single issuances in Malaysia last year, has been
accorded the distinctive Blueprint Award 2011 by credit rating service provider, RAM Holdings.

In a statement here today, TNB said its President/Chief Executive Officer, Datuk Seri Che Khalib Mohamad Noh received the Award from the Yang di-Pertuan Besar Negeri Sembilan, Tuanku Muhriz Ibni Almarhum Tuanku Munawir, at the recent RAM League Awards.

TNB received the Blueprint Award 2011 for New Project Finance Benchmark Deal in recognition of the ground-breaking sukuk deal, which saw an overwhelming demand during its two-day book building process.

The RM5 billion Islamic Securities was the first ringgit-denominated issue by TNB since 2001. It was issued to part finance the development costs of the new 1,000 MW coal fired power plant in Manjung,Perak.

The sukuk comprised two series, the first with serial tranches of five to 19 years, and the second with a single 20-year tranche backed by an irrevocable and unconditional guarantee from TNB.

RAM had assigned an AAA rating to Series One and an AAA(s) rating to Series Two.

This deal had also been conferred the Asia Pacific Bond Deal of the Year 2011 award by Project Finance International. It has also been named the Ijarah Deal of the Year 2011 by Islamic Finance News. -- Bernama