Jakarta — PT Perusahaan Listrik Negara (PLN), Indonesia’s largest utility firm, is looking to raise around $1 billion of global medium term notes in the fourth quarter in 2012 and has appointed arrangers for the offering this week, sources said on Friday.
The 2012 global medium term notes program is part of $2 billion bonds it had planned to finance its huge capital expenditure to build much-needed electricity infrastructure in the archipelago nation.
The utility raised $1 billion of global MTNs in 2011 but this will be the first offering by PLN after the government received its investment-grade status late last year.
The state-owned company has picked Citigroup Inc and Barclays Capital to lead the offering, said three sources with direct knowledge of the deal, declining to be named as they are not authorized to talk to the media.
Nur Pamuji, chief executive of PLN, declined to comment when contacted by Reuters on Friday, August 10.