Wednesday, February 17, 2010

Chandra Asri refinance US$157 million debt

PT Chandra Asri Petrochemical Center will allocate US$157 million of the bond proceeds to refinance outstanding debt under an existing bank facility, while the remainder will be used to repay an existing subordinated loan from Strategic Investment Holdings Ltd, a previous shareholder of the company.
Chandra Asri, through its subsidiary firm Altus Capital Pte Ltd, set the US$230 million global bond coupon with five years tenure at the level of 12.87 percent.
The company uses services provided by Standard Chartered Plc, DBS Group Holdings Ltd, and Deutsche Bank AG as the underwriters.
Chandra Asri is the producer of ethylene and propylene with 70 percent shares owned by PT Barito Pacific Tbk both directly and indirectly.
Barito Pacific owns Chandra Asri 62.76 percent shares directly and 7.24 percent through its subsidiary firm, Marigold Resources Pte Ltd.
Moody's Investors Service has today affirmed its B2 corporate family rating for Chandra Asri and the B2 senior secured rating on the US$230 million 5-year notes issued by Altus Capital, an entity wholly owned by and whose bonds are also guaranteed by Chandra Asri and PT Styrindo Mono Indonesia.

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