RCTI to issue Rp 550b of bonds

RCTI to issue Rp 550b of bonds

JAKARTA: Indonesia's leading television broadcaster PT Rajawali Citra Televisi Indonesia (RCTI), will issue Rp 550 billion in five-year bonds in October mainly for business expansion and debt refinancing.

Guntur Pasaribu, a director with the Surabaya Stock Exchange, said late on Tuesday that RCTI will list the bond on the exchange.

Details on the coupon rate and timetable of the offering are still unavailable.

RCTI, a unit of the listed PT Bimantara Citra, has named PT Mandiri Sekuritas and PT Andalan Artha Advisindo Sekuritas as join lead underwriters for the bond.

A slew of Indonesian companies are tapping the local bond market amid declining interest rates and with banks reluctant to lend. Around Rp 15 trillion has been raised from the bond market so far this year. --Dow Jones