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February 13, 2008 |
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BANK PAN: To Sell IDR600 Billion Subordinated Bonds in March PT Bank Pan Indonesia plans to sell 10-year subordinated bonds worth IDR600 billion in late March, Thomson Financial reports. According to the report, while the coupon rate has yet to be fixed, the coupon for the sixth to tenth years will be higher than it will be for the first five years. The bonds will be sold on March 26-28 and will be listed on the Indonesian Stock Exchange on April 3, the report notes. The proceeds, the report relates, will be used to strengthen capital and expand its loan activities. The bank has appointed PT Indo Premier Securities, PT Evergreen Capital and PT Bahana Securities to underwrite the bond sale, the report adds. Headquartered in Jakarta, Indonesia, PT Bank Pan Indonesia Tbk's -- http://www.panin.co.id -- products and services include individual, which comprises saving products, consumer credit products, electronic products and service products corporate, and corporate, which consist of saving products, financial service products, loan credit, export and import products, electronic products and service products. The bank has investment in several public listed companies, including PT Clipan Finance Indonesia Tbk, PT Asuransi Multi Artha Guna Tbk and PT Panin Sekuritas Tbk. * * * The Troubled Company Reporter-Asia Pacific reported on Aug. 2, 2007, that Moody's Investors Service placed the foreign currency long-term debt and foreign currency long-term deposit ratings of PT Bank Pan Indonesia Tbk on review for possible upgrade. The detailed ratings are: * B2 foreign currency long-term deposit rating was placed on review for possible upgrade; and * Not Prime foreign currency short-term deposit rating, Baa3 global local currency deposit rating and D BFSR were unaffected -- the former two ratings carry a stable outlook, while the BFSR has a positive outlook |
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