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Indonesia's Soechi Lines gears up for expansion with $216m bond programme

Indonesia's Soechi Lines gears up for expansion with $216m bond programme
Indonesian shipping company Soechi Lines plans to raise SGD$300m ($216m) through a multi-currency medium-term note programme on the Singapore Exchange to support its expansion

DBS Bank and Oversea-Chinese Banking have been appointed as arranger and dealer the company said in a statement. .Soechi plans to raise between 20% to 50% of equity from the first series of the debt issuance.

The company's shipyard division, which contributes 15% to revenue, is bidding for a part of the Indonesian Transport Ministry's ships procurement project, which is worth IDR12trn ($890m) and will take place between 2015 and 2017.