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