An Indonesian energy company, which operates one of the largest geothermal plants in Indonesia, announced today that it has raised $350m from selling 7 year dollar-denominated bonds at an interest rate of 6.125%. The bond was apparently 11 times oversubscribed! Amazing.
Proceeds will go to developing independent power producer Star Energy's Wayang Windu geothermal plant in West Java, one of the largest geothermal power plants in Indonesia.
Buyers were 46% from Asia, 33% from Europe and 21% from the US; 86% went to fund managers, 8% to banks and 6% to insurance and public institutions. B+ rating was by Fitch. The bonds will be issued on Thursday and listed on the Singapore Stock Exchange.
Star Energy had previously, in February 2010, raised $350 million from a 5yr geothermal bond offer; that bond had been 2.85 times oversubscribed.
