PLN's global bonds oversubscribed by five times
Monday, July 2 2007 - 01:05 AM WIB
State-owned electricity company PLN's global bonds worth about US$1 billion launched in the international financial markets recently has been successfully completed with an over subscription of over about five times.
PLN said that the proceeds from the bond offering would be used to finance the company's fast-track program to provide additional power supply of about 10,000 megawatt by the end of 2009.
The company said that the global bonds were divided into two tranches. The first tranche worth $500 million and with a maturity of 10 years carry a yield rate of 7.25 percent a year, and the second tranche worth $500 million and with a maturity of 30 years carry a yield rate of 7.875 percent.
The bonds which received a B1 rating from Moody's and BB- from Standard & Poor's were offered in the world's major international financial markets including Hong Kong, Singapore, London, Boston and New York,
PT Danareksa Sekuritas and UBS AG acted as joint coordinators and joint lead managers of the bonds. UBS AG was also named as a sole bookrunner in the bond offering. (Godang)