Antam finance in $200m note issue<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
State-owned mining company PT Aneka Tambang (Antam) announced
\non Thursday that its Mauritius-based subsidiary, Antam Finance
\nLtd., had agreed to issue seven-year notes worth US$200 million,
\nin a bid to fund the company's ferronickel expansion project.<\/p>\n
The company said that the notes would carry a 7.37 percent
\ncoupon rate, with a yield to maturity of 7.87 percent.<\/p>\n
The notes are payable semi-annually twice yearly? starting
\nMarch 30, 2004, and have a maturity date of Sept. 30, 2010.
\nHowever, four years after the date of issue, Antam will have the
\noption to redeem the notes in whole or in part.<\/p>\n
The notes are expected to be listed on the Mainboard or Main
\nBoard? of Singapore Exchange Securities Trading Limited.<\/p>\n
Antam, which is listed in Jakarta and Sydney, is currently in
\nthe process of expanding its ferronickel factory under a project
\nknown as FeNi III.<\/p>\n
With the expansion Antam expects to double its production of
\nferronickel to 26,000 tons per year from the current 11,000 tons.
\nThe project is also aimed at maintaining the company's
\ncompetitive advantage as the world's lowest-cost nickel producer.<\/p>\n
The project, which is scheduled for completion in 2006, is
\nprojected to cost Antam around $300 million.<\/p>\n
Besides nickel, Antam also mines gold, bauxite, iron sand and
\nsilver. Its exploration area covers a total of 2.7 million
\nhectares.<\/p>\n
The government owns 65 percent of the shares in the company,
\nwhile the remaining 35 percent are owned by the public.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/antam-finance-in-200m-note-issue-1447893297",
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"sponsor": "Okusi Associates",
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