Bakrie & Brothers to issue $150 million in global bonds
Bakrie & Brothers, the holding company of the Bakrie family's business empire, will issue global bonds worth up to $US150 million in 2011, a senior executive said on Thursday.
Bakrie & Brothers chief financial officer Eddy Soeparno said the bonds would refinance debts maturing over the next year.
"The proceeds will be completely used for refinancing," Eddy told reporters in Jakarta.
Bakrie & Brothers president director Bobby Gafur Umar said the firm would also need $140 to $145 million next year to build 200 kilometers of gas pipelines to connect its Kepodang field to the Tambak Lorok power plants.
"It will channel 120 to 160 [million metric standard cubic feet of gas per day] for 10 years," Bobby said, adding that he hoped the project would be finished before the end of 2012.
The Kepodang-Tambak Lorok project was the first part of the company's Kalimantan-Java expansion plan and would include a $1.2 billion expenditure to build 1,200 kilometers of new pipelines, Bobby added. (est)