Jan 3, 2011

Danareksa sets bond at 9.40% & 10.20%

The state-owned company PT Danareksa (Persero) today announces Rp500 billion bonds V/2010 issuance with two coupon series at 9.40% and 10.20%.
In the additional bonds IPO prospectus published today, A series bond will mature in 3 year and provide 9.40% annual interest rate and 5 year B series bond will provide 10.20% annual interest rate.
PT Danareksa Sekuritas, PT Mandiri Sekuritas, and PT Trimegah Securities Tbk are lead underwriters for Danareksa's bonds.
Danareksa (Persero) plans to use 66% of the proceed to refinance bonds IV of Rp200 billion and bonds III of Rp130 billion.
Bonds IV, charging an annual interest rate of 16%, will mature on April 14 2011 and bonds III with 13% annual interest rate will due on June 20 2011.
The company will utilize 20% of the bonds IV issuance proceed as capital injection into newly subsidiary dubbed PT Danareksa Capital and the remaining will be put as short term investment in the stock and debt markets.
Based on the underwriting agreement, Danareksa Sekuritas has committed to underwrite Rp244 billion or 48.80% of the total issuance.
Mandiri Sekuritas and Trimegah Securities have committed to underwrite Rp123 billion and Rp124 billion respectively or 24.60% and 24.80%. Six underwriters have also underwritten Rp9 billion of the bonds. 

Disclosure: No position at the stock mentioned above.

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