KPC confirms bond issue cancellation
Tuesday, May 18 2004 - 03:49 AM WIB
East Kalimantan coal miner PT. Kaltim Prima Coal (KPC) confirmed on Tuesday that it suspended plan to issue bonds to unfavorable market condition.
?We?ve held road shows to explain about KPC?s performance and to seek possibility to issue bonds, but we later canceled the plan due to unfavorable market condition,? said president director Ari Hudaya on Tuesday. ?We?ll just wait for the market to get better,? he added.
KPC earlier planned to issue US$ 450 million bonds to refinance its near-maturing debts.
Speculation that the U.S. Federal Reserve? would increase its interest rate next month has led to an increase in the interest rates in most countries. The higher interest rate has also caused a rise in the bond prices. (godang)