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Friday, February 5, 2010

Chandra Asri bond coupon at 12.87%

Friday, 05/02/2010 00:00 WIB

Chandra Asri bond coupon at 12.87%

Irvin Avriano A.

JAKARTA: PT Chandra Asri Petrochemical Center, through its subsidiary firm Altus Capital Pte, set the US$230 million global bond coupon with five years tenure at the level of 12.87 percent. the issuance here equals IDR2.14 trillion.

Bloomberg resource this week mentions the bond maturing on February 10, 2015, here has just been issued and will be recorded at the Singapore bourse.

The company and the bonds got B2 rating from Moody's Investors Service and B+ from Standard & Poor's.

The company uses services provided by Standard Chartered Plc, DBS Group Holdings Ltd, and Deutsche Bank AG as the underwriters.

Chandra Asri is the producer of ethylene and propylene with 70 percent shares owned by PT Barito Pacific Tbk both directly and indirectly.

Barito Pacific and PT Medco Energi Internasional Tbk owner, the tycoon Prajogo Pangestu, is also the chief commissioner of Chandra Asri.

Barito Pacific owns Chandra Asri 62.76 percent shares directly and 7.24 percent through its subsidiary firm, Marigold Resources Pte Ltd.

Investor relation manager of Barito Pacific Agustino Sudjono was not available for comment last night.

Bloomberg reports the power plant Indonesia Star Energy plans to offer US$350 million bonds with 11.75 percent yield.

Star Energy has selected Barclays Plc, Nomura Holdings Ltd and Standard Chartered Plc to be the underwriters for global bond issuance.

"The company will meet the investors in Hong Kong, Singapore, London, and US since January 27," said an informed executive.

Chief Operating Officer Rudi Suparman formerly said the company had plan to seek global bonds in quarter I/2010.

Corporate bond market has better outlook along with the soaring rating of Indonesian bonds early this week. This is predicted to boost government bond issuance and Indonesian corporation as it cut down both in rupiah and US dollar denominated bond issuance costs.

The rating of the Indonesian long term bond in rupiah and global denomination has been upgraded by the Fitch Ratings from BB into BB+ level with stable prospect early this week.

At the same time, Fitch also upgraded country ceiling of Indonesia from BB+ to BBB- level. (Bisnis/iaa/ags)

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