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Indonesian power firm issues 750 mln USD worth of bonds
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13:02, August 04, 2009

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Indonesian government-run power firm PLN has issued U.S. Dollar-nominated bonds worth 750 million U.S. dollars, and planned to issue another bonds worth 1.5 trillion rupiah (151.6 million U.S. dollars) in the fourth quarter this year, PLN Director Rudiantara said in Jakarta on Tuesday.

"The 10-year service tenure bond was quickly bought by investors to an overbooked value of 8.6 billion dollars with most of the buyers were from Asian countries," the Detik.com quoted Rudiantara as saying.

He said that the bonds, that were issued on Monday, offer a yield of 8.125 percent. PLN appointed UBS AG and Barclays Capital to handle the sale of the bonds in international market.

According to the Rudiantara, besides the Asian investors that took 44 percent of the bonds, European and American investors also acquired the bonds at equal amount of 28 percent.

The proceeds from the bonds issue would be used to finance the state power firm's operation. Indonesia is in dire needs of power plant to cope with the increasing electricity needs in the country.

The Indonesian government has planned to build more power plants that would produce 10,000 Mega Watt (MW) of electricity to comply with the increasing needs.

Source:Xinhua



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