Nov 9, 2011

Antam launches Rp1.5 trillion bonds

The state-controlled gold and nickel miner PT Aneka Tambang Tbk (Antam) finally announced a Rp4 trillion rupiah denominated bonds in several stages of issuance. In the first stage, referring to the prospectus published today, Antam will sell Rp1.50 trillion bonds scheduled on December 15 2011.
Three lead underwriters namely PT Deutsche Securities Indonesia, PT Mandiri Sekuritas, and PT Standard Chartered Securities Indonesia will help arranging the bonds issuance. The Rp1.5 trillion bonds will be issued in two tranches, A and B series with maturities of 7 and 10 year.
In total, about 20% of the proceed or Rp800 billion will be used by Antam as a routine investment and Rp3.20 trillion will be used as business development.
From the first issuance, Antam will use Rp450 billion as routine investment in the company's several units such as nickel at South Sulawesi of 9%, nickel at North Maluku of 11%, and gold of 10%. About Rp1.05 trillion will be utilized by Antam as capital expenditure to renovate, improvement, and modernization of feronickel production facility at Pomalla and nickel mining exploration in North Maluku.

Disclosure: No position at the stock mentioned above.

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