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Jakarta Post

Garuda Indonesia to issue $500m in global bonds

  • News Desk

    The Jakarta Post

Jakarta   /   Thu, February 22, 2018   /   10:58 am
Garuda Indonesia to issue $500m in global bonds A Garuda Indonesia aircraft takes off on June 13, 2017 from I Gusti Ngurah Rai International Airport in Denpasar, Bali. (Antara/Fikri Yusuf)

Flag carrier Garuda Indonesia will issue global bonds worth US$500 million in March as an alternative source of financing to realize a plan to expand both its international and domestic routes.

“We hope to issue the bonds at the end of March, or the end of the first quarter of 2018,” Garuda Indonesia president director Pahala Mansury said on Wednesday, on the sidelines of the Quo Vadis Indonesian Digital Economy event at the Hotel Mulia in South Jakarta, reported.

In addition to issuing the global bonds, Garuda Indonesia would also use take out $100 million in foreign loans.

Pahala added that the airline was targeting 20 percent growth in international flights and double-digit growth in domestic flights this year.

Last year, the company recorded $3.6 billion in sales revenue, with domestic flights contributing 55 percent and international flights contributing 45 percent. "We realized 100 percent of our 2017 target," Pahala said. (bbn)