Zul Rafique & Partners led by Partner, Loh Mei Mei and supported by Senior Legal Associate, Lai Man Yee, is honoured to be the Malaysian legal counsel to the Genting Group on the successful issuance of US$1.25 billion dua-tranche subordinated perpetual securities and a concurrent tender offer of the outstanding US$1.5 billion 4.25% Guaranteed Notes due 2027. The issuance of the US$1.25 billion dua-tranche subordinated perpetual securities is one of the largest perpetual securities issuances in the region in the last few years.
The transaction entails a keepwell deed (with contractual subordination) and contingent put option provided by Genting Berhad, making it one of the first subordinated perpetual securities issuances to incorporate such features.
