Sep 4, 2010

UNSP to issue US$200 mio bonds

Palm oil producer PT Bakrie Sumatera Plantations Tbk (UNSP) plans to issue US$200 million bonds early next year to refinance existing debt maturing in 2011.
"We will use September's financial statement as a base for the bond issuance," Bakrie Plantations' President Director Ambono Janurianto said.
According to him, the bonds proceed will be used to refinance US$160 million debt maturing in October 2011. Bakrie Plantations expects to obtain annual interest rate at 10.75%, the same level when it issued the bonds in 2006. The company has managed US$320 million bonds and bank loan.
The company is holding a beauty contest on five investment banks to arrange the bonds issuance. Ambono said  Bakrie Plantations sets revenue and net profit target of Rp2.93 trillion and Rp173.56 billion.

Disclosure: No position at the stock mentioned above.

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