PLN to Issue Global Bonds in April 2017

President Director of the state-owned electricity company PLN Sofyan Basir.

 
Jakarta, 07 Rabiul Akhir 1438/06 January 2017 (MINA) – State electricity firm PT Perusahaan Listrik Negara (PLN) plans to issue global bonds valued at US$1.5 billion during the second quarter of 2017.

“The bonds will likely be issued in April, and their value remains unchanged,” PLN President Director Sofyan Basir was quoted by Antara as saying here on Thursday.

The issuance of the bonds has been delayed, as the original schedule set for the first quarter of 2017, he said.

Also, PLN has yet to appoint bond issuing underwriters.

“The issuance of the bonds will be behind schedule. What is more, we have just received a state capital participation of Rp23.6 trillion and a subsidy of Rp10.9 trillion. So we are rich now,” he joked.

PLN has planned to use proceeds from the issuance of the bonds to finance part of its medium-term investment needs.

The company is expected to spend Rp170 trillion on power plants, transmission and distribution networks in the next five years.

To finance its projects, PT PLN has issued dollar-and rupiah-denominated bonds, and sought bank loans.

The bonds will be offered to investors from Asia and the Pacific, as well as the United States and Europe. (T/RS05/RS01)

Mi’raj Islamic News Agency (MINA)