blt-upsizes-lowcoupon-note-to-400-million

BLT upsizes low-coupon note to $400 million

An inventive strategy leads to a credit upgrade on the day of issuance, with the Indonesian shipping company attracting $4 billion in demand for its fixed-rate note.
Berlian Laju Tanker BLT issued a $400 million senior Reg-S, 144a fixed-rate note on Friday evening, pricing at par at 7.5%. The issue was upsized from an initial $200 million, after reaching $4 billion in demand. This was an oversubscription of 23 times based on its original size, and 10 times based on the upsized deal, with the books closing before pricing was announced.

The deal was managed by Deutsche Bank and JPMorgan and closed with the lowest coupon ever for a 100% Indonesian-owned company.

BLT specialises in industrial liquid bulk cargo transportation. The seven-year non-call-five bonds attracted 225 investors. This compares favourably with previous Indonesian deals Arpeni had 98, Adaro 111. However,...
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