Thursday, April 14, 2011

Star ... Apr11

Having seen its cash pile diminish significantly, Star Publications (M) Bhd is proposing to raise up to RM750 million from the capital market to boost its war chest. The amount makes the proposed exercise Star Publications’ largest fund-raising effort to date.

The proposed fund-raising exercise could increase Star’s gross gearing ratio to 0.82 times, from 0.23 times currently.

It proposed to raise up to RM750 million in commercial paper (CP) and medium-term notes (MTN) for investments, capital expenditure and working capital requirements. It intends to implement CP and MTN programmes with a limit of up to RM750 million in nominal value for each programme. The proposed programmes will have a combined limit of up to RM750 million.

For illustrative purposes, based on Star’s audited consolidated balance sheet as at Dec 31, 2009, and assuming that the maximum amount of RM750 million nominal value of CP and/or MTNs is issued, the ratio of total debt to shareholders’ funds would increase from 0.23 times to 0.82 times.

The CP programme will have a tenure of seven years from the first issuance of the paper while the MTN programme will have a tenure of 15 years.

While the issuance of the CP and MTNs will not have an effect on Star’s issued and paid-up share capital, the company said the proposed programmes will increase its consolidated gearing, with the level dependent on the amount raised. The effect on its gearing will be offset if the proceeds raised are used to refinance existing borrowings.

The effects of the CP and MTN issuances on consolidated earnings will depend on, among other things, the effective borrowing cost of the debt issuances and the use of the proceeds, details of which have not been disclosed at this stage.

On Dec 31, 2010, Star’s cash and cash equivalents stood at RM216.7 million compared with RM773.2 million a year earlier. During the year, the publishing company saw its cash position decrease by RM545.9 million, mainly due to dividends paid and repayment of MTNs.

After deducting borrowings, its net cash as at end-2010 stood at RM121.6 million, compared with RM474.3 million at the end of 2009.   

During the year, Star also acquired more newsprint and its inventory shot up to RM210.5 million compared with RM85.5 million a year earlier.

While this is not the first time that Star has raised funds via the debt market, it is the largest fund-raising exercise for the company, should it raise the full amount.

The company had issued debt papers twice in the past 10 years. The last time it made plans to raise funds via the debt market was in 2004, when it announced that it would raise up to RM350 million via CP or MTN programmes. At that time, the company was sitting on a healthy cash pile of RM258 million.

71 comments:

Anonymous said...

tramadol generic tramadol ingredients acetaminophen - tramadol hcl 50 mg shelf life

Anonymous said...

buy tramadol online tramadol online pharmacy usa - buy tramadol online in florida

Anonymous said...

xanax online xanax stay system drug test - many xanax pills bar

Anonymous said...

buy tramadol online tramadol 50mg tablets dogs - buy tramadol an 627

Anonymous said...

xanax online 2mg xanax bars for sale - generic xanax pills

Anonymous said...

tramadol without prescription tramadol 800 mg day - 100mg tramadol vs percocet

Anonymous said...

buy tramadol online tramadol generic for ultracet - tramadol buy florida

Anonymous said...

buy carisoprodol carisoprodol soma ingredients - buy cheap carisoprodol

Anonymous said...

generic xanax xanax and alcohol toxicity - generic for xanax pill pictures

Anonymous said...

buy tramadol online tramadol dosage dogs pain - order tramadol online no rx

Anonymous said...

buy tramadol online tramadol dosage guidelines - tramadol online delivered florida

Anonymous said...

xanax no prescription much does 2mg xanax cost street - xanax dosage oral sedation

Anonymous said...

buy tramadol online generic for tramadol medication - tramadol 627

Anonymous said...

xanax cheap xanax side effects on kidneys - xanax side effects alcohol

Anonymous said...

generic xanax xanax withdrawal 1 mg day - clindamycin drug interactions xanax

Anonymous said...

buy tramadol online tramadol 7171 - tramadol 50 mg can you snort

Anonymous said...

order tramadol online cod buy tramadol online in the usa - is ordering tramadol online illegal

Anonymous said...

xanax online can you overdose xanax bars - xanax caffeine

Anonymous said...

buy tramadol online tramadol addiction in pregnancy - can you buy tramadol on the internet

Anonymous said...

buy tramadol online buy tramadol and soma - safest place buy tramadol online

Anonymous said...

carisoprodol buy carisoprodol package insert - buy carisoprodol codeine

Anonymous said...

buy carisoprodol no prescription carisoprodol your system - carisoprodol 350 mg generic

Anonymous said...

buy tramadol tablets buy tramadol online cod only - tramadol hydrochloride 50mg uses

Anonymous said...

buy tramadol online safe place buy tramadol online - buy tramadol sr 100 mg

Anonymous said...

buy tramadol online tramadol 100mg buy online - buy tramadol online without prescriptions

Anonymous said...

xanax online xanax withdrawal chest pain - 2mg xanax enough get high

Anonymous said...

buy tramadol online buy tramadol online with american express - tramadol high effects

Anonymous said...

carisoprodol drug carisoprodol with hydrocodone - carisoprodol 103

Anonymous said...

buy tramadol online tramadol for dogs 25mg - tramadol online usa

Anonymous said...

buy tramadol online tramadol for dogs and humans - tramadol 50mg recreational

Anonymous said...

generic tadalafil where to buy cialis over the counter - cialis online no prescription canadian pharmacy

Anonymous said...

xanax buy xanax 1mg review - xanax 2 mg for sleep

Anonymous said...

cialis online buy cialis south africa - cialis 0.5

Anonymous said...

buy cialis no prescription generic cialis any good - generic cialis cheap

Anonymous said...

discount xanax xanax 039 - buy xanax ireland online

Anonymous said...

xanax no prescription online easy overdose xanax alcohol - xanax employment drug screen

Anonymous said...

buy cheap cialis low price cialis - cheap cialis us

Anonymous said...

buy cialis online cialis online aus holland - cialis no effect

Anonymous said...

cialis online buy cheap cialis us - can you buy cialis over the counter in australia

Anonymous said...

cialis online buy cheap cialis from us - order cialis pills

Anonymous said...

buy cialis online cialis daily use 5 mg - generic cialis liquid

Anonymous said...

cialis buy online no prescription cialis from usa online pharmacy - generic cialis from us safe

Anonymous said...

buy cialis online cialis online sydney - where to buy cialis over the counter

Anonymous said...

order xanax online xanax drug test job - drug street names xanax

Anonymous said...

xanax online xanax withdrawal 2mg - xanax xr withdrawal

Anonymous said...

cialis 10mg price comparison viagra cialis levitra - generic cialis online usa

Anonymous said...

cialis online does generic cialis exist - safe place order cialis online

Anonymous said...

buy tramadol online tramadol for dogs vs rimadyl - tramadol 50 mg get you high

Anonymous said...

buy tramadol online mastercard overnight tramadol withdrawal tips - tramadol 50mg street value

Anonymous said...

buy tramadol for dogs can you buy tramadol over counter - buy tramadol with visa

Anonymous said...

http://landvoicelearning.com/#74967 buy cheap tramadol no prescription - ultram tramadol made

Anonymous said...

tramadol 100 mg tramadol withdrawal chills - tramadol hcl drug classification

Anonymous said...

order tramadol online without prescription tramadol look like - tramadol dea schedule

Anonymous said...

tramadol online tramadol 2012 - buy tramadol australia

Anonymous said...

buy tramadol online tramadol overdose in cats - buy tramadol with cod

Anonymous said...

tramadol no prescription online pharmacy tramadol cheap - tramadol withdrawal after one week

Anonymous said...

http://blog.dawn.com/dblog/buy/#side-effects tramadol addiction ppt - buy-tramadol-online

Anonymous said...

buy tramadol with cod tramadol hydrochloride high - ultram tramadol withdrawal

Anonymous said...

buy tramadol with paypal legal order tramadol online - overdose on tramadol the effects

Anonymous said...

buy tramadol tramadol 100 mg slow release - how to buy tramadol online

Anonymous said...

buy tramadol cod fedex tramadol online pharmacy no prescription needed - what is tramadol ultram used for

Anonymous said...

ativan mg ativan withdrawal opiates - ativan vs xanax and valium

Anonymous said...

buy tramadol online buy tramadol overnight no prescription - tramadol dosage canine

Anonymous said...

http://reidmoody.com/#96318 lorazepam 1mg pictures - ativan lethal dose

Anonymous said...

tramadol 50 tramadol hcl what is it for - tramadol medication online

Anonymous said...

http://ranchodelastortugas.com/#50238 xanax side effects brain - cheap online pharmacy xanax

Anonymous said...

http://staam.org/#92453 tramadol online no prescription cod - buy tramadol online echeck

Anonymous said...

cheap alprazolam where to order xanax online - sugar pills look like xanax

Anonymous said...

xanax cheap small round white pill xanax - cheap xanax prescription

Anonymous said...

http://bayshorechryslerjeep.com/#1833 generic xanax pill pictures - xanax side effects and overdose

Anonymous said...

http://bayshorechryslerjeep.com/#4038 xanax withdrawal after a week - xanax bars how much