The State owned Gas Company(PGN/Perusahaan Gas Negara) finalized bond buyback worth US$275 million on December 24, 3009.
Finance Director of PGN Reza Pahlevi said all global bonds here had been absorbed completely under the assistance of Standard Chartered Bank for the buyback.
"All was absorbed. If our fund is not adequate for the expansion, we surely learn some funding resource and it might issue bonds," he said last week.
The bond is Euro Bond I issued in 2003 worth US$150 million with maturity debt 2012, and Euro Bond II issued in 2004 worth US$125 with maturity in 2014. Both bonds are issued by PGN subsidiary firms, Euro Finance based in Mauritius with each coupon of 7.5 percent.
The company could save quite significant fund through bond buyback as the lending rate from loan provided by Standard Chartered Bank is smaller than the bond coupon.
"The lending rate from Standard Chartered Bank is about 3 percent, far lower than the bond coupon of 7.5 percent we should pay for bonds."
"All was absorbed. If our fund is not adequate for the expansion, we surely learn some funding resource and it might issue bonds," he said last week.
The bond is Euro Bond I issued in 2003 worth US$150 million with maturity debt 2012, and Euro Bond II issued in 2004 worth US$125 with maturity in 2014. Both bonds are issued by PGN subsidiary firms, Euro Finance based in Mauritius with each coupon of 7.5 percent.
The company could save quite significant fund through bond buyback as the lending rate from loan provided by Standard Chartered Bank is smaller than the bond coupon.
"The lending rate from Standard Chartered Bank is about 3 percent, far lower than the bond coupon of 7.5 percent we should pay for bonds."
The company debts up to September 2009 stood at IDR16.57 trillion. PGN has got loan from some finance institutions including t the World Bank, Japan Bank for International Cooperation (JBIC), and PT Bank Negara Indonesia Tbk (BNI).
For the next year scheme, PGN prepares some US$150 million capital expenditure up to US$200 million.
President Director of PGN Hendi P. Santoso said the company will use internal cash to finance capital expenditure with the current cash worth US$600 million.
"So far we have no plan to seek funds. But if we have major project, we will surely seek external fund," he said.
Some projects to do for PGN is the development of LNG terminal in North Sumatra and West Java. LNG terminal in North Sumatera will be allotted to supply PLN gas from its gas shortage.
For the next year scheme, PGN prepares some US$150 million capital expenditure up to US$200 million.
President Director of PGN Hendi P. Santoso said the company will use internal cash to finance capital expenditure with the current cash worth US$600 million.
"So far we have no plan to seek funds. But if we have major project, we will surely seek external fund," he said.
Some projects to do for PGN is the development of LNG terminal in North Sumatra and West Java. LNG terminal in North Sumatera will be allotted to supply PLN gas from its gas shortage.
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