PLN sets 12.25% coupon on bonds

PLN sets 12.25% coupon on bonds

JAKARTA: Indonesia's state-owned electricity company PT
Perusahaan Listrik Negara (PLN) on Friday set a fixed 12.25
percent coupon on its Rp 1.5 trillion (US$165.20 million) 10-year
bonds, a banker said.

PLN had indicated a 12 percent to 12.5 percent coupon earlier
this month.

"The bonds were well received by the market with a total Rp 4
trillion in orders received during the recent book building
process," Akhabani, a director with PT Trimegah Securities, told
Dow Jones Newswires. Trimegah is a co-lead underwriter.

Over one-third of the orders came from pension funds and one-
fifth from mutual funds, Akhabani said. The issue of the
unsecured paper marks PLN's return to the local bond market after
1997. PLN will use the proceeds to finance the development of a
850-megawatt power plant in West Java. -- Dow Jones