Allen & Overy has advised Citigroup, Deutsche Bank, J.P. Morgan and Maybank as the joint lead managers and joint bookrunners in connection with the debut US dollar high yield bond issuance by Press Metal (Labuan) Ltd., an issuing SPV wholly owned by Press Metal Aluminium Holdings Berhad (Press Metal). The issuance was guaranteed by Press Metal together with certain of its subsidiaries.
The US dollar-denominated 4.80% bond, which was over-subscribed by 9.5 times, raised USD400 million for Press Metal and was the first high yield bond offering out of Malaysia in over a decade.
Press Metal is a Malaysia-based aluminium company listed on Bursa Malaysia with a market capitalization of approximately USD4.3 billion. It is the largest aluminium producer and extruder of aluminium products in Southeast Asia based on its smelting and extrusion capacities.
Commenting on the transaction, Allen & Overy partner Amit Singh said: “Allen & Overy is honored to have advised the underwriters in connection with Press Metal’s debut US dollar high yield bond issuance. We have recently advised on a number of high yield bonds in Asia Pacific. This issuance by Press Metal underscores our prominent role on Malaysian debt transactions and follows the recent issuance by GOHL Capital Limited, a wholly owned subsidiary of Genting Berhad.”
The Allen & Overy team was led by partner Amit Singh, with support from counsel Michele Discepola and associates Matthew Lim, Grace Yumul and Saranrat Kunanuvat.
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