ADRO’s wholly owned subsidiary Adaro has set the pricing of its US$800 mn, 7.625% Guaranteed Senior Notes due 2019 to be issued by Adaro and guaranteed by ADRO.
Credit Suisse, DBS Bank Ltd. and UBS AG are the Joint Book runners for the offering of the Notes. The Notes are expected to be issued on 22 Oct09 and to mature on 22 Oct19.
The Notes will bear interest at a fixed rate of 7.625% p.a. payable semiannual and will be issued in denominations of US$100,000 and integral multiples of US$1,000 in excess thereof.
The net proceeds of issuance of the Notes will be used by Adaro for capital expenditure and general corporate purposes.
The new debt of US$800mn will be equivalent to Rp7.6tn in debt. This will increase the total debt to Rp17.8tn and Debt equity ratio would go up from 0.64x to 1.1x.
ADRO currently is trading at PER09F-10F of 10.1x and 18.6x.
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