Multidana raises $177.6m

Multidana raises $177.6m

HONG KONG (Reuters): Indonesian finance firm PT Putra Surya Multidana has completed a US$177.6 million asset-backed securities (ABS) issue, arranger Salomon Brothers International said yesterday.

The issuer of the securities is Indonesian Motor Vehicle Funding 1997-1 Ltd., a special-purpose company incorporated in the Cayman Islands.

The securities, which have an average life of 1.03 years and a stated maturity of 2001, were priced at 17 basis points over the one-month London Interbank Offered Rate.

The securities were backed by motorcycle and light commercial vehicle loans on the islands of Java and Bali.

They were rated Aaa by Moody's Investors Service and AAA by Standard and Poor's based on a guarantee from Financial Security Assurance Inc., a unit of Financial Security Assurance Holdings Ltd.