Adaro warms up investors

Indonesian coal miner helps revive Asian high yield sector.

Early Friday morning December 1, Joint leads Goldman Sachs and JPMorgan priced an upsized $400 million five-year senior secured bond deal for Indonesian Coal producer, PT Adaro.

The Reg S144A deal priced in line with guidance at 99.005% on a coupon of 8.5%, to yield at 8.75% equivalent to 430bp over US Treasuries. Fees were a healthy 112.5bp.

The deal was heavily oversubscribed, closing with a $1.75 billion order book, an oversubscription ratio of almost six times, with 111 accounts taking part. In terms of investor type, 65% went to asset managers, 15% went to private banks, 10% went to banks, and the remaining...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222