Cikarang to issue debt notes worth $550m
Thursday, July 21 2016 - 01:44 AM WIB
IDX-listed power company PT Cikarang Listrindo Tbk announced Wednesday it will issue debt notes worth up to US$550 million for refinancing purpose.
The notes will be issued this year by its Singapore-registered subsidiary, and will have a fixed interest rate of about 8 percent per year, the company said in a statement.
It said that proceeds from the new 10-year notes will be used to repay current notes worth $500 million maturing on February 21, 2019. The company added it plans to hold an extraordinary shareholders meeting on August 26.
Cikarang listed its shares on the Indonesia Stock Exchange on June 14 following an initial public offering in May.
The company, which provides electricity to five industrial estates in Cikarang and Bekasi, West Java Province, plans to increase its power plants capacity from the existing 864 MW.
Last year, the company signed an agreement with GE for joint cooperation to develop at least 1,000 MW power plant projects.
Editing by Reiner Simanjuntak