Pertamina issues US$1 billion global bond

Wandrik Panca Adiguna - Bisnis.com

Kamis, 19 Mei 2011 | 00:52

JAKARTA: The state-controlled PT Pertamina (Persero) launches US$1 billion global bond with 10 years tenor to add the companys capital expenditure this year. The bonds coupon level is set at 5.25% or 235.1 basis points premium over the government bond, said Pertamina Finance Director M. Afdal Bahaudin.Pertamina plans to spend IDR37.1 trillion this year for capital expenditure or rose 86.4% from IDR19.9 trillion last year. 76.4% or IDR28.4 trillion will be used for upstream sector and the rest of 23.6% or IDR8.7 trillion to develop downstream sector.Bisnis data shows that Citigroup Global Markets, Credit Suisse Securities, and HSBC Securities will act as bond managers. Its settlement is in May 23 at price of 98.097%, he said, yesterday.Fitch Ratings has ranked Pertaminas corporate plan with BB+ (EXP) while Moodys Investors Service gave Ba1 with stable prospect.SOEs Minister Mustafa Abubakar was reluctant to comment, yet, he admitted that Pertamina currently held goodwill to Singapore, Hong Kong, London, and US, which will end one to two days from now.I dont know for sure how much [its value] and for what. We will discuss the details after the road show. I support any SOE that want to issue bond, he said, yesterday.Recently, Pertamina has been appointed as operator with 80% participation right in production sharing contract (PSC) of Blok West Madura Offshore while Kodeco Energy Co Ltd controlled 20%. (t06/wiw)

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Penulis : Wandrik Panca Adiguna

Editor : Mursito