PGN to launch $250M bond roadshow

PGN to launch $250M bond roadshow

JAKARTA: Indonesia's state-owned gas distribution company PT Perusahaan Gas Negara (PGN) will embark on an overseas trip in August to market the first tranche of a planned US$500 million bond.

The company's President Director Washington Simanjuntak said Wednesday the marketing team will meet with prospective investors in Singapore, Hong Kong and London.

PGN is expected to offer up to $250 million in the bonds as the first tranche. The funds will be used to help finance gas pipeline projects in Sumatra. One of the projects will channel gas from south Sumatra to West Java.

Washington declined to name the underwriter for the bond issue.

But market sources said Credit Suisse First Boston has been selected as the underwriter.

The bonds will be listed on the Singapore Stock Exchange in September, Washington added. -- Dow Jones