PLN announces global MTN arrangers, dealers
The Jakarta Post
Singapore law firm Linklaters acted as international counsel for PLN in establishing a new global medium-term note (MTN) program for raising US$5 billion, according to a press release The Jakarta Post received from Linklaters on Wednesday.
Shortly after the program was established, PLN issued two series of US dollar-denominated notes in a US$2 billion drawdown to international investors.
The proceeds from this note issuance were used as cash to repurchase certain notes that PLN had issued in three concurrent tender offers, according to the press release.
The release said the MTN program gave the issuer the flexibility to issue notes with a wide range of terms, including Indonesian rupiah-denominated, US dollar-settled bonds, known as Komodo bonds.
Citigroup Global Markets Inc., Hong Kong and Shanghai Banking Corporation Limited (HSBC), Standard Chartered Bank, Standard Chartered Bank (Singapore) Limited and Mandiri Securities Pte. Ltd. have been appointed as arrangers of the MTN program.
Along with the above five banking and securities companies, Australia and New Zealand Banking Group Limited and BNP Paribas have been appointed the MTN dealers.
According to the release, the first drawdown of the program is to include the following managers: Citigroup Global Markets, HSBC, Mandiri Securities, Standard Chartered Bank, PT Bahana Sekuritas, PT BNI Sekuritas and PT Danareksa Sekuritas. (bbn)
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