Polyta issues $185m notes<\/p>\n
JAKARTA (JP): Tri Polyta Finance, the wholly-owned
\nNetherlands-based subsidiary of propylene producer PT Tri Polyta
\nIndonesia, has issued guaranteed secured notes worth US$185
\nmillion.<\/p>\n
The company announced Wednesday that proceeds of the issue
\nwould be loaned to Tri Polyta Indonesia, which guaranteed the
\nnon-callable notes.<\/p>\n
The notes are due to mature in 2003.<\/p>\n
Tri Polyta Indonesia said Monday's offering was oversubscribed
\nby $10 million from its original $175 million target.<\/p>\n
Standard and Poor's and Duff and Phelps Credit Company rated
\nthe notes BB-minus while Moody's Investors Service gave them a B1
\nrating.<\/p>\n
Tri Polyta Finance said it expected to receive $177 million
\nfrom the offering, after underwriting and other issuing expenses,
\nto repay outstanding debts and fund petrochemical projects for
\nfeedstock and specialty chemicals.<\/p>\n
The offering was lead managed by Merrill Lynch and Lehman
\nBrothers, while Donaldson, Lufkin and Jenrette acted as co-
\nmanagers.<\/p>\n
Tri Polyta Indonesia, listed on the Jakarta and New York stock
\nexchanges, makes polypropylene resins for consumer and industrial
\nplastic products. (01)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/polyta-issues-185m-notes-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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