Pre-IPO CB for PT Sulfindo

Indonesia yields new structured equity-linked transaction.

Speciality chemicals group, PT Sulfindo raised $151 million yesterday December 7 from an equity-linked deal led by Merrill Lynch. The transaction represents the largest pre-IPO CB from South East Asia and joins a small but growing band of equity-linked deals from Indonesia.

So far this year, there has been one highly structured exchangeable for coal operator Bumi Resources that raised $200 million via JPMorgan and a smaller $50 million convertible for shipping company Berlian Laju Tanker that raised $50 million via Deutsche Bank. Prior to these two transactions, there had been nothing from the country since the financial crisis in 1997.

Sulfindo's deal is less structured...

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