Tjiwi Kimia to issue bonds

JAKARTA (JP): PT Tjiwi Kimia, a publicly-listed paper producer of the Sinar Mas Group, said yesterday that it will issue bonds worth Rp 200 billion (US$85 million) to repay its debts.

The company said in a statement that 70 percent of the total proceeds will be allocated for refinancing its short term debts and the remaining 30 percent for repaying its long term debts.

The bonds will have a five-year maturity with a fixed interest rate.

PT Peregrine Sewu Securities is acting as the lead underwriter of the bond issue. (alo)