Gallant Venture unit eyes $887m bond deal for expansion

It will be used for the construction of a 3 -by-350-megawatt coal-fired power plant in Indonesia.

Gallant Venture Limited and its subsidiary, PT BIC, have entered into a non-binding term sheet with Broadwood Road Limited for a potential subscription of $887.4m (US$683.6m) convertible bonds of PT BIC.

It will be used for the construction of a 3-by-350-megawatt coal-fired power plant in Pulau Setokok, Bulang, Batam, Indonesia.

Broadwood Road, an unrelated third party, will carry out a book-building exercise to identify and secure prospective investors to participate.

The bonds shall carry an interest rate of 9% per annum and have a maturity date falling eight years from the date of issuance, unless converted earlier into new ordinary shares.

($1=US$0.77)

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