PLN?s Rp 1.5 trillion bond issue gets ?A?

It is learnt that the state-owned electricity firm PT Perusahaan Listrik Negara (PLN) has obtained A rating from PT Kasnic Credit Rating Indonesia for its planned Rp 1.5 trillion bond issue VII, the Bisnis Indonesia newspaper reported in its Monday edition.

Wahzari Wardaya from the PT Danareksa Sekuritas, the underwriter of the bond issue said the rating from the Kasnic is required at the time of issuance of the bond.

?It?s true PLN has already received A from Kasnic,? Wahzari told the Bisnis recently.

Danareksa, PLN management and guarantor on Friday signed an initial agreement, Wahzari said.

Besides Danareksa, PT Trimegah Securities Tbk and PT Bahana Securities will work as the underwriters of the bond issue, whereas PT Bank Niaga Tbk will be its trustee, Wahzari said.

There will be a public expose and due diligence meeting on Oct. 13, he said.

The proceeds of the bond will be used for refinancing of its equity, which was used for the building of gas-fired power plant at Muara Tawar. (*)