VIVAnews - A subsidiary of PT Barito Pacific Tbk (BRPT), PT Chandra Asri, issued global bonds worth US$230 million, through its Singapore-based subsidiary Altus Capital Pte.
"The bonds guarantors are Chandra Asri and PT Styrindo Mono Indonesia," Barito Pacific Investor Relations Agustino Sudjono told VIVAnews in Jakarta on Friday, Feb 5.
Agustino revealed that the bonds have a tenure of five years until February 10, 2015. The coupons reached 12.875 percent per year.
The international rating agency Moody rated the US dollar bonds BB while Standard & Poor's gave B+.
The company appointed DBS, Deutsche Bank and Standard Chartered Bank as the arranger of the bond issuance.
Earlier, Agustino said most of the fund from the bond issuance will be used for a refinancing and to build butadiene cracker.
He revealed that the investment priority of Chandra Asri this year is to build butadiene cracker factory. The development was actually designed in 2009.
However, the realization of the development is delayed due to the price increase in iron and steel raw materials.
He stated that the company focused on butadiene cracker due to the high demand in synthetic rubber. In addition, the products are still imported.
"We'll be the first producer of synthetic rubber in Indonesia," he said.
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Translated by: Bonardo Maulana Wahono
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