Indosat raises bond issue to Rp 1.25t

Indosat raises bond issue to Rp 1.25t

JAKARTA: PT Indonesian Satellite Corp., or Indosat, said Thursday it will raise the size of its bond offering to Rp 1.25 trillion rupiah ($1=Rp 9,210) from Rp 1 trillion due to strong interest.

"Indosat commissioners have approved our proposal to raise the amount," Indosat's President Director Widya Purnama told reporters.

Indosat officials said Tuesday the bond had been more than twice oversubscribed.

As reported, the Indosat bond is to be issued in four trenches, although amounts for each trance haven't been fixed. The funds raised from the issue will be used to refinance existing debt and to expand Indosat's cellular business. -- Dow Jones