Excelcomindo to issue Rp1.25t bond<\/p>\n
JAKARTA: Indonesia's third-largest cellular phone operator, PT
\nExcelcomindo Pratama, will issue around Rp 1.25 trillion bond in
\nOctober to refinance its debt and support capital expenditures, a
\nsource familiar with the plan said late on Tuesday.<\/p>\n
The source told Dow Jones Newswires the bond will have a five-
\nyear tenor and will be listed on the Surabaya Stock Exchange.<\/p>\n
The company plans to spend $200 million this year to expand
\nits cellular phone network, the source said.<\/p>\n
The company has named PT Bahana Sekuritas and PT Danareksa
\nSekuritas as joint lead underwriters for the issue, the source
\nsaid.<\/p>\n
Further details were unavailable.<\/p>\n
Excelcomindo's director Rudi Antara declined to comment.<\/p>\n
However, Surabaya Stock Exchange President Director Hindarmoyo
\nKinuri said Excelcomindo has informed the nation's second-largest
\nexchange about its plan to list the bond.<\/p>\n
A slew of Indonesian companies are tapping the debt market as
\ndeclining interest rates boost demand for bonds. Local companies
\nare also resorting to the bond market as local banks remain
\nreluctant to lend after many of their loans turned sour following
\nthe 1997-98 Asian financial crisis.--Dow Jones<\/p>",
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