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Indonesia's Indofood postpones 1.5 trillion rupiah five-year bonds
New York, May 13 - PT Indofood Sukses Makmur Tbk. (AA+, local) postponed its planned sale of 1.5 trillion rupiah of five-year bonds, blaming "unfavorable" market conditions, according to a press release.
The issue, designated IDR Bond Series V, had been expected to be completed in the first week of June.
"The main intention of the issuance of IDR Bond Series V was to refinance our maturing IDR Bond Series II at a more favorable rate. With the prevailing interest rate environment, we prefer to wait until conditions improve," said Thomas Tjhie, finance director of Indofood, in a news release.
"We will use internal resources and credit facilities to pay the maturing IDR Bond Series II."
DBS Vickers, Danareska, ING, Kim Eng and Mandiri Securities had been named as lead managers for the deal, which was announced at the end of April.
Indofood is a Jakarta-based food supplier.
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