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