PT Indonesia Asahan Aluminium to sell benchmark dollar notes

By Marisa Wong

Los Angeles, May 6 – PT Indonesia Asahan Aluminium (Persero) said it is planning a benchmark offering of dollar-denominated fixed-rate notes.

The company said it intends to retain at least $500 million of the proceeds from the Regulation S and Rule 144A sale to acquire shares in other mining companies and to refinance its outstanding debt.

The company will use the remaining funds to pay the consideration and interest under concurrent tender offers for its 5.23% notes due 2021 and 5.71% notes due 2023, according to a notice.

The new notes offering and tender offers are part of the company’s plan to optimize its financing costs and actively manage its debt maturity profile.

The Jakarta-based issuer is a state-owned national mining company appointed by the Indonesian government as the holding company for Indonesia’s mining operators.

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