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Jakarta Post

PLN to double the size of bond issue on higher demand

  • Alfian

    The Jakarta Post

Jakarta   /   Thu, December 31 2009   /  09:41 am

State utility firm PT PLN plans to increase the size of its forthcoming bond issue by Rp 1.5 trillion (US$159 million), or double the initial size, in anticipation of higher-than-expected demand. Earlier the company said it would issue as much as Rp 1.5 trillion bonds, comprising Rp 1 trillion in conventional bonds and Rp 500 billion in Islamic bonds or sukuk, from December to January this year.“We have completed the book-building process and the demand is apparently over subscribed. Thus, we expect to increase the notes to up to Rp 3 trillion,” said PLN’s finance director Setio Anggoro Dewo Wednesday. In an earlier statement, PLN said the conventional bonds and sukuk would both have seven and ten-year tenures.  The coupon for the seven-year bonds and sukuk is based on the average coupon of the government’s bonds series FR0028 to FR0030 plus a spread of between 1.5 percent a...