Monday, May 11, 2009

Summit Oto issue bonds IDR600 billion

PT Summit Oto Finance, the Indonesianmotorcycle finance unit of Japan's Sumitomo Corp., plans to sell 600 billion rupiah ($58 million) of bonds to fund expansion in Indonesia.
The Jakarta-based company plans to issue notes with maturities of one, two and three years. Summit Oto will offer 200 billion rupiah of one-year bonds paying a 13.5 percent coupon, 35 billion rupiah of two-year 14.25 percent notes and 365 billion rupiah of three-year 25.25
percent notes, the prospectus shows.
Summit Oto's bond offering is scheduled for May 12 through 14, with a listing planned for the Indonesian Stock Exchange on May 20. PT DBS Vickers Securities Indonesia, PT HSBC Securities and PT Standard Chartered Securities Indonesia are helping arrange the sale.

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