'SCTV' to issue Rp 350 billion bond

'SCTV' to issue Rp 350 billion bond

JAKARTA : Indonesian television company PT Surya Citra Televisi (SCTV), said on Tuesday it plans to issue a Rp 350 billion five- year bond on June 11.

SCTV said it will offer the bonds between June 18 and June 20, and will list the bonds on the Surabaya Stock Exchange on June 30.

It hasn't yet determined the interest rate for the bonds.

SCTV said it plans to use 50% of the proceeds from the bonds to refinance its debt to PT Bank Danamon Indonesia and the rest to strengthen its working capital.

PT Batavia Prosperindo Sekuritas is the underwriter.

SCTV, which is owned by listed PT Surya Citra Media, is Indonesia's third most popular television station, attracting about a quarter of the nation's total viewers. SCTV channels include its well-watched locally produced news programs. --Dow