Mulialand to issue bonds

JAKARTA (JP): Publicly-listed property developer PT Mulialand will float five-year bonds worth Rp 150 billion (US$64.7 million) this month to improve its financing efficiency, the company announced yesterday.

The company did not disclose its interest rate. It said, however, the rate for the bearer bonds will remain the same for the first three years and will increase during the fourth and fifth years.

PT Mulialand, which operates office buildings in Jakarta's so- called golden triangle (bounded by Jl. Sudirman, Jl. Gatot Soebroto and Kuningan), has already received a BBB+ rating from PT Pefindo for the issuance of the bonds.

PT Bahana Securities will underwrite the bond issue. (bnt)