Deals of the year 2007: Maxis maxes out
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Deals of the year 2007: Maxis maxes out

Several international banks walked away from the Maxis deal, reckoning its size meant it couldn’t be done. ABN Amro and CIMB showed that it could.

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Advisers: ABN Amro, CIMB

Nominal amount: M$600 million
Issue date: 28/12/2007

Tenor: five years
Coupon: 5.35%
Yield to maturity: 5.2%

Nominal amount: M$1.9 billion
Issue date: 28/12/2007

Tenor: six years
Coupon: 5.55%
Yield to maturity: 5.4%

Nominal amount: M$2 billion
Issue date: 28/12/2007

Tenor: seven years
Coupon: 5.65%
Yield to maturity: 5.5%

Nominal amount: M$1.55 billion
Issue date: 28/12/2007

Tenor: eight years
Coupon: 5.75%
Yield to maturity: 5.6%

Nominal amount: M$1.8 billion
Issue date: 28/12/2007

Tenor: nine years
Coupon: 5.9%
Yield to maturity: 5.8%

Ananda Krishnan had a problem. The Tamil Malaysian billionaire has investments ranging from satellite TV to gambling but at the heart of his empire is Maxis Communications, Malaysia’s largest cellular telecoms company, in which he held a 70% stake by the middle of 2007. Maxis, which is dominant in the near-saturated domestic cellular market, needed to go overseas to grow, and was doing so through bold expansion in India and Indonesia. But shareholders weren’t sharing the vision: every new announcement of expansion dented the share price.

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