PLN raises $1.25 billion with 10-year bond issue

Indonesia's state-owned electricity company issues a 10-year US dollar bond for the second time in three months.

PT Perusahaan Listrik Negara (PLN), Indonesia's state-owned electricity company, raised $1.25 billion on Friday through its second international bond issue this year.

The issuer of the senior, unsecured 10-year notes is a Singapore special purpose vehicle (SPV) called Majapahit Holding BV, which is guaranteed by Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara. The issue pays a semi-annual coupon of 7.75% and was re-offered at 99.152 to yield 7.875% to a maturity date of January 20, 2020. Initial price guidance late last week had been for an 8% yield.