Dec 21, 2010

Danareksa sets bond at 8.875%-10.75%

The state-owned financial company PT Danareksa (Persero) sets its Rp500 billion bond coupons at 8.875% to 10.75%.
At a public expose held today, coupon for Danareksa's 3-year V bond of series A is set at level 8.875% up to 9.626%. Meanwhile, the coupon for its five-year series B is 9.625% up to 10.375%.
President Director of Danareksa Edgar Ekaputra revealed about 66% or Rp330 billion of the proceeds from the bond issuance is to be used for repaying Danareksa IV bond issued in 2009 and Danareksa III bond issued in 2008.
"Danareksa IV Bond valuing Rp200 billion will mature on April 14, 2011, and Danareksa III bond worth Rp130 billion matures on June 20, 2011," he said today. 
Meanwhile, 20% or Rp100 billion of the proceeds from the bond issuance is to be used as the paid-in capital for its new subsidiary, i.e. PT Danareksa Capital. The rest of 14% will be used for short-term investments.
Regarding the establishment of Danareksa Capital, Director of Danareksa Heru D. Adhiningrat said the company is seeking for energy financing, particularly hydropower plant. In addition, Danareksa’s subsidiary is also targeting infrastructure financing.

Disclosure: No position at the stock mentioned above.
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