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