Tunas Baru Lampung markets $400 million of seven-year notes

Chicago, March 26 – PT Tunas Baru Lampung Tbk. has received board approval for the issuance of $400 million of seven-year notes (B1//B+), according to a company notice.

A meeting was held on March 15 to approve the issue.

The interest rate is expected to be between 6% and 8%, but will be determined at pricing.

Proceeds will be used to repurchase or redeem $250 million of 7% guaranteed senior notes issued by TBLA International which mature in 2023.

The company will also pay off the company’s bonds which are part of the continuous public offering of sustainable bonds in local currency which mature in 2023 and 2025.

Proceeds will also be used to reduce short-term debt.

The Indonesian issuer is a conglomerate with a special focus on vegetable oils, sugar and agriculture.

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