By Christine Van Dusen
Atlanta, April 20 – Indonesia’s PT Bumi Serpong Damai Tbk. priced a downsized $225 million of five-year notes (expected ratings: Ba3//BB-) at par to yield 6¾% on Monday, a market source said.
The notes were initially expected to total $250 million and were talked at a yield in the 7% area.
Citigroup and UBS were the bookrunners for the Regulation S notes.
The proceeds will be used for the development of new investment properties and infrastructure, for land bank acquisitions and for general corporate purposes.
Bumi Serpong Damai is a privately developed planned community in the Tangerang District of the greater Jakarta region in Indonesia.
| Issuer: | PT Bumi Serpong Damai Tbk.
|
| Amount: | $225 million
|
| Maturity: | April 27, 2020
|
| Description: | Notes
|
| Bookrunners: | Citigroup, UBS
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Call options: | Non-callable for three years
|
| Trade date: | April 20
|
| Settlement date: | April 27
|
| Expected ratings: | Moody’s: Ba3
|
| Fitch: BB-
|
| Distribution: | Regulation S
|
| Price talk: | 7% area
|
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