Strong international demand for Adaro's $800 million high-yield bond

PT Adaro, Indonesia's second biggest coal miner, raises $800 million through the sale of 10-year notes and pays just 7.75% thanks to strong support from global high-yield funds.

PT Adaro, Indonesia's second biggest coal miner, raised $800 million in a blowout 10-year high-yield bond issue at the end of last week. The company priced the deal with a 7.75% yield in the early hours of Friday morning Hong Kong time, having launched the marketing process on October 5.

The transaction was more than seven times subscribed, with orders from 262 accounts amounting to $5.75 billion, according to sources familiar with the transaction. However, as always, it's unclear...

To continue reading, please login or register for free

Print Edition

FinanceAsia Print Edition

CONFERENCES