KUALA LUMPUR (April 12): Oil-and-gas services firm Yinson Holdings Bhd has hired Nordic investment banks for a potential bond issue of up to US$500 million (RM2.37 billion).

Yinson has mandated DNB Markets and Pareto Securities as joint bookrunners, and ABG Sundal Collier ASA as a joint lead manager to arrange a series of meeting with fixed-income investors since Thursday, the company said in an exchange filing on Friday. A new five-year senior secured issue may follow, it noted.

Proceeds will be used to refinance the company’s existing debt and for “general corporate purposes”, Yinson added.

As at end-January, Yinson had total borrowings of RM16.32 billion, of which RM14.94 billion were long-term borrowings.

The company’s net gearing ratio rose to 1.66 times as at end-January, from 1.23 times a year ago.

At 2.45pm on Friday, Yinson was traded one sen or 0.4% lower at RM2.40 a share, bringing the company a market capitalisation of RM7.64 billion.