Arutmin launches $300 million bonds
Tuesday, August 19 2003 - 06:35 AM WIB
The bond offering would last until August 26, said company president director Arie S. Hudaya in Arutmin?s bonds offering ceremony in Jakarta.
The bonds will be listed on the Surabaya Stock Exchange on September 19, Arie said.
He said that fixed interest of the bonds would be between 9.25 percent and 9.50 percent and Indonesia?s ratings agency Pefindo had assigned BBB+ ratings to the bonds.
PT Trimegah Securities and Mandiri Sekuritas will act as underwriters for the bond issuance.
Arutmin, 80 percent owned by PT Bumi Resources, operates coalmines in South Kalimantan. Arutmin produced 10.55 million tons of coal in 2002, and has set a target to increase the volume to 18.3 million this year.
The company earlier that the bond issuance was meant to service its debts amounting to $292.8 million by end-March 2003. (*)