JAKARTA: PT Intraco Penta Tbk will issue IDR200 billion-IDR220 billion medium term notes in the end of the month or in early August.The proceed will be used to expand the business of its subsidiaries, primarily PT Intan Baruprana Finance, said Intraco Penta Finance Director Fred L Manibog. This subsidiary focuses on financing.Yes, we do have a plan to issue MTN with 203 years maturities. We have appointed around two local securities company to serve as arranger, he told Bisnis yesterday.Intraco Penta, controlled by Petrus Halim and Halex Halim is a distributor of heavy equipments with several brands including Volvo, Ingersoll-Rand, Bobcat and Mahindra.Prior to this, Fred disclosed the plan to issue IDR500 billion bond this year.Initially, the company expected such bonds issuance to realize on June. Yet, it is somehow delayed due to unstable global market.Fred added that the issuance of MTN is taken due to its easier and faster procedures.Most likely we will not hold bond issuance this year, probably next year. We prefer to issue MTN after carefully observing interest rate that begins to rise and potentially burdens the company supposes we issue bond, he said.One of Bisniss source added that possibly Intraco will be assisted by PT Henan Putihrai during the MTN issuance.We cannot disclose the name now. One thing for sure, the MTN issuance will be assisted by other company, said Fred responding the questions on Henan Putihrai.Analyst at PT Nusantara Capital Securities I Made Adi Saputra perceived such MTN issuance as proper measure as the European debt crisis and fluctuated interest rate make bond issuance somehow riskier.After observing MTNs tenors and the companys fundamental condition, I project the interest rate to be at the range of 9% and 10.25%, he said.Intraco had IDR451.87 billion debt in the first quarter of 2011, consisting of IDR257.94 billion short term debt and IDR451.87 billion long term debt.With IDR471.74 billion equities, debt to equity ratio reaches 0.95 times or relatively low.Regarding heavy equipment sale, Intraco recorded 1,055 units of sales in the first semester of 2011, consisting 755 units that had been sold and 300 ordered units. (18)(t02/msw)

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