Polyta issues $185m notes

Polyta issues $185m notes

JAKARTA (JP): Tri Polyta Finance, the wholly-owned
Netherlands-based subsidiary of propylene producer PT Tri Polyta
Indonesia, has issued guaranteed secured notes worth US$185
million.

The company announced Wednesday that proceeds of the issue
would be loaned to Tri Polyta Indonesia, which guaranteed the
non-callable notes.

The notes are due to mature in 2003.

Tri Polyta Indonesia said Monday's offering was oversubscribed
by $10 million from its original $175 million target.

Standard and Poor's and Duff and Phelps Credit Company rated
the notes BB-minus while Moody's Investors Service gave them a B1
rating.

Tri Polyta Finance said it expected to receive $177 million
from the offering, after underwriting and other issuing expenses,
to repay outstanding debts and fund petrochemical projects for
feedstock and specialty chemicals.

The offering was lead managed by Merrill Lynch and Lehman
Brothers, while Donaldson, Lufkin and Jenrette acted as co-
managers.

Tri Polyta Indonesia, listed on the Jakarta and New York stock
exchanges, makes polypropylene resins for consumer and industrial
plastic products. (01)