Demand of foreign investors on dollar-denominated bond, US$250 million, of CDMA-based cellular operator PT Bakrie Telecom Tbk (BTEL) is estimated to reach US$600 million, 2.4 folds from initial issue worth US$250 million.
A source familiar with the matter said on Friday last week, Bakrie Telecom, controlled by Bakrie family, and three lead underwriters, Credis Suisse, Bank of America-Merrill Lynch, and Morgan Stanley, have decided yield of BTEL's bond.
"Bakrie Telecom has determined to set 11.5% of the annual yield. Global demand is estimated to reach US$600 million," the source said.
BTEL has set target of 14 million subscribers, while capital expenditure will be allocated of US$200 million. In September last year, Bakrie Telecom posted Rp2.54 trillion in net profit, grew from a year before of Rp1.99 trillion. But, operating profit downed from Rp270.13 billion to Rp223.02 billion in September last year due to ballooning operating expenses.
In return, the operator's net profit dropped to Rp97.33 billion from September 2008's position of Rp121.25 billion. As of September last year, long term debt recorded Rp1.31 trillion from a year before Rp1.36 trillion.
In return, the operator's net profit dropped to Rp97.33 billion from September 2008's position of Rp121.25 billion. As of September last year, long term debt recorded Rp1.31 trillion from a year before Rp1.36 trillion.
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