Sampoerna to issue new bonds

The cigarette maker becomes the latest Indonesian heavyweight to tap the nascent rupiah bond market.

Indonesian cigarette maker PT HM Sampoerna said it plans to float a new bond series valued at Rp1 trillion $125 million, repayable in seven years, with an annual interest of 17% to 18%. The bonds, rated A Plus by the country's rating company PT Pemeringkat Efk Indonesia, would be offered in the fourth week of next month and will be listed on the Surabaya Stock Exchange in the fourth week of November, a company executive said.

Finance Director of HM Sampoerna Eka Dharma Kasih said part of, or about Rp600 billion of the bond fund would be used to repay short and mid-term debts to a number of private banks in Indonesia. The...

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