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...
