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IIF reduces bonds issuance to Rp 1.5 trillion
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Indonesia Infrastructure Finance (IIF) president director Ari Soerono poses at his office in Jakarta. (Courtesy of http://iif.co.id//-)
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T Indonesia Infrastructure Finance (IIF), a private non-bank financial institution under the Finance Ministry, has reduced its bonds issuance by 25 percent to Rp 1.5 trillion (US$114.6 million) from an initial plan of Rp 2 trillion.
IIF president director Ari Soerono said the proceeds of the debt securities would be used to finance various infrastructure projects. Previously, the company targeted Rp 2 trillion of cash from the bonds issuance but the amount reduced after book building.
“We have toll roads, clean water and telecommunications infrastructure as well as transmission tower projects that need funding from the bond issuance,” he told The Jakarta Post over the phone on Thursday night.
He did not elaborate on the lower amount of the bonds issuance, which consists of three series with different coupons and maturities. The bonds will be officially listed on the Indonesian Stock Exchange (IDX) on July 20.
The A series will have a three-year maturity with an 8.25 percent coupon, the five-year B series offers 8.7 percent coupon while the seven-year C series will have a 9 percent coupon rate. The coupons will be paid to bond holders quarterly.
PT Danareksa Sekuritas, PT DBS Vickers Securities Indonesia, PT Indo Premier Securities and PT Mandiri Sekuritas are acting as the joint lead underwriters for the bonds. (rez/ags)
