Saka Energi to issue dollar bonds

PT Saka Energi Indonesia, an upstream subsidiary of IDX-listed gas distribution company PT PGN Tbk, plans to issue dollar bonds to raise funds to repay debt and finance working capital.

Moody?s and S&P international rating agencies, respectively gave Ba1 and BB rating for the planned bonds with positive outlook, Bisnis Indonesia reported on Wednesday.

The paper said, quoting a Bloomberg report, that Saka has started international roadshow to offer the bonds to investors. Joint global coordinators for the bonds issuance include Citi, BNP, and UBS, while joint book runners include Citi, BNP, UBS, HSBC, Mandiri Securities, and Mizuho Securities.

Meanwhile, Kontan said, quoting sources, that Saka plans to raise up to US$500 million from the global bonds. Saka Energi President Director Tumbur Parlindungan declined to comment on the bond issue. (*)