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Indonesian port operator Pelabuhan Indonesia III or Pelindo III has issued bonds amounting $500M to raise funds in the global market.
The state-owned Pelindo III has its bond coupon fixed at 4.875% at 10-year senior unsecured bond and plans to channel the funds from bond sales to refinance some of its loan, expansion plans as well as general corporate spending.
Banks such as ANZ, Credit Suisse, and Standard Chartered Bank will act as joint lead managers and are supported by BNI Securities and Mitsubishi UFJ Financial Group as co-managers.
For the allocation of global bonds purchase, US investors obtained an allocation of 42%, Asia received 32%, while Europe took 26%.
Meanwhile, part of the bond sales will proceed to fund the port expansion of Teluk Lamong in Surabaya, adding a bulk carrier and an automated container transport, according to Yon Irawan, Pelindo III corporate secretary.