Indonesia Asahan Aluminum (Inalum) has issued debt securities word $2.5bn in bonds marketed at Singapore, Hong Kong, London and New York. These bonds were said to be oversubscribed by 6.4 times, according to media reports.
Three series of bonds maturing in 2025, 2030 and 2050 were issued at coupon rates of 4.75pc, 5.45pc and 5.8pc, respectively. This finance obtained from issuance of global debt will be used to buy back partial bonds issued in 2018 for the funding of Freeport Indonesia acquisition. The move could also support Inalum for other strategic acquisitions, like 20pc stake in nickel miner PT Vale Indonesia.