PT Bakrieland Development Tbk sold $155million of five-year, 8.625 percent convertible bonds. Proceeds from the sale will be used for working capital purposes and Credit Suisse Group AG managed the transaction.
The fund will be used also for financing an equity swap transaction which will be signed by BLD Investments and Credit Suisse International. The equity swap transaction is meant for hedging of the bond conversion.
Bakrieland allotted IDR3 trillion for the capital expenditure to finance all property projects developed by the company.
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