Indonesia's BTPN to finance expansion with bond sale

Bank Tabungan Pensiunan Nasional hopes to raise Rp 750 billion ($77.5 million) from selling bonds.

The Jakarta-based lender will offer the notes to investors from Feb. 26 through Feb. 28, the company said in a brief prospectus published in Bisnis Indonesia on Friday.

The sale will help finance its lending expansion plan.

BTPN’s bond will be part of the company’s larger plan to raise Rp 2.5 trillion within two years.

The lender sold Rp 1.25 trillion last year and Rp 500 billion in 2011. The upcoming bond sale will lift the company’s total sales to Rp 2.5 trillion.

The lender will sell Rp 350 billion of three-year bonds at a coupon of 7.65 percent and Rp 400 billion of five-year bonds at a coupon of 8.25 percent, the company said in the prospectus.

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