Wed, 24 Sep 2003

Unggul Indah offers Rp 600b bonds

JAKARTA: PT Unggul Indah Cahaya Tbk, the major supplier of alkylbenzene, the raw material for detergent in the Asia Pacific region, announced on Tuesday its plan to offer Rp 600 billion worth of bonds.

The company said in a statement that the five-year bonds will come in two series: Series A will have a fixed rate of between 12.375 percent and 12.875 percent, while Series B will have the Series A fixed rate for the first year, and floating rates of the average three months deposit rate, plus a premium of between 2 percent and 2.5 percent, in the remaining years.

The bonds were given an A rating with a stable outlook by local rating agency Pefindo.

The bond offering will be fully underwritten by PT Trimegah Securities Tbk and PT Danatama Makmur.

About 70 percent of the bond proceeds will be used to refinance the firm's debts. -- JP