By Paul A. Harris
St. Louis, Oct. 15 - PT Adaro Indonesia/PT Adaro Energy Tbk priced an upsized $800 million issue of 7 5/8% 10-year senior guaranteed notes (Ba1/BB-/) at 99.141 to yield 7¾% on Thursday, according to market sources.
The deal priced through the original 8% price talk by 12.5 basis points.
Credit Suisse, Deutsche Bank and UBS AG were joint bookrunners.
Proceeds will be used for capital expenditures and general corporate purposes.
The issuer is a Jakarta, Indonesia, coal mining company.
Issuer: | PT Adaro Indonesia/PT Adaro Energy Tbk
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Amount: | $800 million, increased from $500 million
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Maturity: | Oct. 22, 2019
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Securities: | Senior guaranteed notes
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Bookrunners: | Credit Suisse, Deutsche Bank, UBS AG
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Joint lead manager: | OCBC Bank
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Coupon: | 7 5/8%
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Price: | 99.141
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Yield: | 7¾%
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Spread: | 431 bps
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Call protection: | Five years
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Trade date: | Oct. 15
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Settlement date: | Oct. 22
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Ratings: | Moody's: Ba1
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| Standard & Poor's: BB-
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Distribution: | Rule 144A/Regulation S
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Price talk: | 8% area
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