KUALA LUMPUR — Malaysian national oil firm Petronas has raised another US$950 million in global bond offering, bringing the total amount raised so far to US$3.65 billion.

In a statement late Friday, Petronas said it returned to the market for the first time since last May to take advantage of favourable market conditions, particularly US interest rates which were at a record low.

It said its global bond issue, which reopened Wednesday with US$500 million in 10-year debt paper maturing in 2012, attracted orders exceeding US$1 billion.

As a result of the overwhelming demand, Petronas said it enlarged the offer to US$700 million for the 10-year tranche and introduced a US$250 million 20-year tranche.

Largest issue

The bond deal was driven by US investors and was the largest issue concluded by an Asian corporation on the international market, it said.

"By raising low cost financing, the company will be able to reduce its weighted average cost of capital and extend its debt equity profile," Petronas said.

The proceeds would be used to finance a portion of its international oil and gas development activities, it added. — AFP