Reported from Indonesia, the country’s “independent power producer Star Energy Geothermal issued a formal yield guidance of 11.5% on its upcoming benchmark-sized five-year bond deal, according to a person familiar with the sale.

The yield is lower than the 11.75% market watchers had anticipated and it seems the company is looking to raise more money than what was expected. Many were previously eyeing a deal worth $350-million. Benchmark-sized typically refers to offers worth $500 million or more.

Barclays Capital, Nomura, and Standard Chartered Bank are in charge of the bond sale, which follows a series of meetings with investors that ended Wednesday.

The rule 144A, reg S deal is expected to price Friday.

The securities are rated B2 by Moody’s and B+ at Fitch.”

Source: Wall Street Journal