Bakrieland launches $150 million convertible bond

The Indonesian property developer is offering bonds with a coupon of up to 8.625% and a conversion premium of 20% to 25%. The deal is expected to price tomorrow.

Indonesia's Bakrieland Development has launched a $150 million convertible bond to raise funds that will be used both for growth capital and to pay down debt. The deal, which marks the small-cap property and infrastructure developer's first approach to the international capital markets, will remain open for about a day-and-a-half and is expected to price on Friday, a source said last night.

The bonds have a five-year maturity, but can be put back to the company on the third anniversary at par. They also have an issuer call after three years, subject to a 130% trigger. They are marketed with a coupon between 7.875% and 8.625% and a conversion premium of 20% to 25%. Credit...

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