Dharmala's FRN doubled

Dharmala's FRN doubled

HONG KONG (Reuter): A floating rate note (FRN) issue for PT Dharmala Inti Utama has been priced and doubled, arranger Peregrine Fixed Income said.

The notes, which have a three-year final maturity and a put option on the second anniversary, were priced at 287.5 basis points over the six-month London Interbank Offered Rate.

Peregrine launched the notes with an indicated range of 265 to 300 basis points over LIBOR on Sept. 6.

The size of the issue was doubled in syndication to US$200 million from $100 million at launch.

Fourteen banks joined Peregrine Fixed Income in the transaction as lead managers. They are Bank Internasional Indonesia, BEEI (DTC), Asiana (HK), Bangkok Bank, Bear Stearns Asia, Boram Bank, Central Banking Corp, KEB (Asia) Finance, KEB Leasing and Finance, Korean Long-Term Credit Bank, Tong Yang Merchant Bank, UMBC International Bank, Union Europeenne de CIC Singapore branch and Yamaichi Merchant Bank.