JAKARTA (Yosefardi) – State fertilizer company PT Pupuk Indonesia decided to downsize its bond issue to Rp2.15 trillion from initial plan Rp3.7 trillion, used to inject funds to its subsidiaries.
The company did not disclose the reason of downsizing the bond offering, consisting of 2 series of bonds, with tenor of 3 and 5 years.
The bonds proceeds is allocated to fund the business expansion of subsidiaries, namely PT Pupuk Iskandar Muda (41% proceeds), PT Pupuk Kalimantan Timur (32%), PT Pupuk Indonesia Logistik (8%), new subsidiaries (12%), and new property business entity (7%).
Acting as underwriters for the bonds are PT BCA Sekuritas, PT Danareksa Sekuritas, PT HSBC Securities Indonesia, and PT Mandiri Sekuritas.