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View all search resultsPLN to issue $3 billion in bonds in May
State-owned electricity company PLN plans to issue US$3 billion in global bonds next month, an increase from the $1.5 billion previously planned.
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Two employees of state-owned electricity firm PLN stand on the construction site of a high voltage gas insulated substation (GISTET). (Kontan/Andy Dwijayanto)
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tate-owned electricity company PLN plans to issue US$3 billion in global bonds next month, an increase from the $1.5 billion previously planned.
"We will have a roadshow [for investors] on Monday," PLN president director Sofyan Basir said on the sidelines of a media gathering held by the State-Owned Enterprises (SOEs) Ministry in Bogor, West Java, on Friday.
With the issuance of the debt papers, the tenure of which would be 10 years, the firm aims to refinance its bonds, worth $1 billion, due next year and fund electricity transmission expansion.
Earlier this year, Sofyan said the bonds issuance would be postponed until April as his company had received Rp 23.6 trillion ($1.8 billion) through state capital injection and Rp 10.9 trillion in subsidy funds, confirming that the amount would be unchanged at $1.5 billion.
"It [the amount] is around $3 billion now," he told journalists on Friday.
(Read also: PLN secures Rp11t loan from JBIC)
PLN needs additional funds to help finance the government’s ambitious project to build enough power plants to produce an additional 35,000 megawatts of electricity for the country.
It secured loans worth up to Rp 12 trillion ($899 million) from state lenders last September for the project.
