Indonesian industrial property developer Kawasan Industri Jababeka returned to the debt markets after a 10-year hiatus late last week, raising $175 million through a high-yield bond. The company has had something of a chequered history, having restructured its debt back in 2001 and 2002.
Aside from property development, the company is also involved in electricity generation and distribution through its Bekasi power plant, which is expected to start around October this year.
The company was approved to raise $300 million, but in the end raised $175 million after attracting an order book of $280 million from more than 55 accounts, a sign it struggled to raise demand....
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