By Paul A. Harris
St. Louis, Oct. 15 - PT Adaro Indonesia/PT Adaro Energy Tbk priced an upsized $800 million issue of 7 5/8% 10-year senior guaranteed notes (Ba1/BB-/) at 99.141 to yield 7¾% on Thursday, according to market sources.
The deal priced through the original 8% price talk by 12.5 basis points.
Credit Suisse, Deutsche Bank and UBS AG were joint bookrunners.
Proceeds will be used for capital expenditures and general corporate purposes.
The issuer is a Jakarta, Indonesia, coal mining company.
| Issuer: | PT Adaro Indonesia/PT Adaro Energy Tbk
|
| Amount: | $800 million, increased from $500 million
|
| Maturity: | Oct. 22, 2019
|
| Securities: | Senior guaranteed notes
|
| Bookrunners: | Credit Suisse, Deutsche Bank, UBS AG
|
| Joint lead manager: | OCBC Bank
|
| Coupon: | 7 5/8%
|
| Price: | 99.141
|
| Yield: | 7¾%
|
| Spread: | 431 bps
|
| Call protection: | Five years
|
| Trade date: | Oct. 15
|
| Settlement date: | Oct. 22
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | 8% area
|
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