PGN to issue bonds next month

PGN to issue bonds next month

JAKARTA: PT Perusahaan Gas Negara said Monday it plans to
issue between US$100 million and $150 million in 10-year
international bonds next month.

"I expect that the bonds can be listed on the American markets
by the third week of February," Gas Negara President Washington
Simanjuntak told Dow Jones Newswires.

He expects the bonds will carry a coupon and yield below those
of the $150 million bonds it offered in August, which were 7.5
percent and 7.75 percent respectively.

The state-owned gas utility plans to hold roadshows early next
month in Singapore, Hong Kong, London and the U.S., Simanjuntak
said.

Gas Negara has named Credit Suisse First Boston as the
underwriter for the issue.

In total, the company plans to issue up to $550 million in
international bonds this year to help finance its South Sumatra-
West Java and South Sumatra-North Sumatra pipeline projects,
Simanjuntak said. -- Dow Jones