Chandra Asri Petrochemical plans buyback of US$185 mln in bonds

Indonesian petrochemical major- PT Chandra Asri Petrochemical plans to buy back senior secured guaranteed notes worth US$185 mln that are due to mature in 2015. The bonds are the remaining of the US$250 mln worth of notes the company issued in February 2010, with an annual interest of 12.875%, as per Dow Jones Newswires. The company redeemed the US$65 mln portion last year. The company will finance the buyback with loans bearing lower interest than the bonds, which will be provided by several local and foreign banks. However, he refused to give further details. Chandra Asri is 70% owned by PT Barito Pacific Tbk and 30% owned by Siam Cement PCL.
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