By Reshmi Basu
New York, Feb. 28 - Indonesian property developer PT Lippo Karawaci Tbk. sold an upsized $250 million offering of five-year fixed-rate bonds at par to yield 8 7/8%, according to a market source.
The deal, increased from $200 million, came at the tighter end of price guidance that was in the 9% area.
UBS Investment Bank was the bookrunner for the Regulation S offering.
The notes will be non-callable for three years, after which they will become callable with standard high-yield premium calls.
Moody's Investors Service placed its B2 foreign currency senior unsecured bond rating of Lippo Karawaci Finance BV under review for possible upgrade following the placement of Indonesia's B2 foreign currency bond rating on review for possible upgrade.
Lippo Karawaci is one of the largest property developers in Indonesia with a market capitalization of more than $550 million, the agency said.
| Issuer: | PT Lippo Karawaci Tbk.
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| Amount: | $250 million
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| Issue: | Fixed-rate bonds
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| Maturity: | 2011
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| Coupon: | 8 7/8%
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| Issue price: | Par
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| Yield: | 8 7/8%
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| Pricing date: | Feb. 28
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| Bookrunner: | UBS Investment Bank
|
| Rating: | Moody's: B2
|
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