By Paul A. Harris
St. Louis, Nov. 16 - Indonesia's PT Bank Lippo TBK priced an upsized $200 million issue of 10-year lower-tier 2 notes (Ba3/B+) at par to yield 7 3/8% on Wednesday, according to an informed source.
The yield came on top of the 7 3/8% area guidance.
The issue of notes, which were priced via Lippo's Cayman branch, was upsized from $150 million.
UBS ran the books for the Regulation S offering.
Bank Lippo is a commercial bank with headquarters in Karawaci, Tangerang, Banten, Indonesia, and is majority owned by Khazanah, the investment holding arm of the Government of Malaysia.
| Issuer: | PT Bank Lippo TBK (Cayman Islands Branch)
|
| Amount: | $200 million (upsized from $150 million)
|
| Maturity: | Nov. 22, 2016
|
| Security description: | Lower-tier 2 notes
|
| Bookrunner: | UBS
|
| Coupon: | 7 3/8%
|
| Price: | Par
|
| Yield: | 7 3/8%
|
| Price talk: | 7 3/8% area
|
| Spread: | 277 bps
|
| Call structure: | Callable in five years (if not called coupon steps up to prevailing five-year U.S. Treasuries plus 416 bps)
|
| Trade date: | Nov. 15
|
| Settlement date: | Nov. 22
|
| Ratings: | Moody's: Ba3
|
| Fitch: B+
|
| Distribution: | Regulation S only
|
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