Obligation Negara Listrik Perusahaan 5.375% ( US71568PAG46 ) en USD

Negara Listrik Perusahaan

102.18 % ▲

Indonesie

US71568PAG46 ( en USD )

5.375% par an ( paiement semestriel )

24/01/2029

Prospectus brochure de l'obligation Perusahaan Listrik Negara US71568PAG46 en USD 5.375%, échéance 24/01/2029

200 000 USD

500 000 000 USD

71568PAG4

BBB ( Qualité moyenne inférieure )

Baa2 ( Qualité moyenne inférieure )

25/07/2026 ( Dans 110 jours )

Perusahaan Listrik Negara (PLN) est la compagnie d'électricité publique d'Indonésie, responsable de la génération, de la transmission et de la distribution d'électricité dans tout le pays.

Une analyse financière révèle les spécificités d'une obligation émise par Perusahaan Listrik Negara (PLN), l'entreprise publique d'électricité de la République d'Indonésie, acteur central de l'approvisionnement énergétique national et garant de l'infrastructure électrique du pays; cette émission, identifiée par le code ISIN US71568PAG46 et le code CUSIP 71568PAG4, propose un taux d'intérêt fixe de 5.375% et est libellée en dollars américains (USD), sa date de maturité étant fixée au 24 janvier 2029, avec une fréquence de paiement des intérêts de deux fois par an, pour une taille totale de l'émission s'élevant à 500 000 000 USD, et un montant minimal d'achat établi à 200 000 USD; sur le marché secondaire, ce titre se négocie actuellement à 100.557% de sa valeur nominale, bénéficiant de notations de crédit de « BBB » par Standard & Poor's et de « Baa2 » par Moody's, des grades qui reflètent la qualité de crédit de l'émetteur et le risque associé à cette dette, la positionnant dans la catégorie d'investissement.

Pricing Supplement dated October 18, 2018

PERUSAHAAN PERSEROAN (PERSERO) PT PERUSAHAAN LISTRIK
NEGARA
Issue of:
U.S.$500,000,000 5.375 % Notes due 2029 (the "2029 Notes")
U.S.$500,000,000 6.25 % Notes due 2049 (the "2049 Notes" and, together with the 2029
Notes, the "Notes")
under its U.S.$5,000,000,000 Global Medium Term Note Program

This document constitutes the Pricing Supplement relating to the issue of Notes described
herein.

Terms used herein shall be deemed to be defined as such for the purposes of the Conditions
set forth in the offering memorandum dated April 25, 2018, as supplemented by the
supplemental offering memorandum dated October 12, 2018 (the "Offering Memorandum").
This Pricing Supplement contains the final terms of the Notes and must be read in
conjunction with such Offering Memorandum.

Where interest, discount income, prepayment fee, redemption premium or break cost is
derived from any of the Notes by any person who (i) is not resident in Singapore and (ii)
carries on any operations in Singapore through a permanent establishment in Singapore, the
tax exemption available for qualifying debt securities (subject to certain conditions) under the
Income Tax Act, Chapter 134 of Singapore (the "ITA"), shall not apply if such person
acquires such Notes using the funds and profits of such person's operations through a
permanent establishment in Singapore. Any person whose interest, discount income,
prepayment fee, redemption premium or break cost from the Notes is not exempt from tax
(including for the reasons described above) shall include such income in a return of income
made under the ITA.

SECTION 309B(1) NOTIFICATION
In connection with Section 309B of the Securities and Futures Act (Chapter 289) of
Singapore (the "Securities and Futures Act") and the Securities and Futures Act (Capital
Market Products) Regulations 2018 (the "CMP Regulations 2018"), the Issuer has determined
that the Notes are prescribed capital markets products (as defined in the CMP Regulations
2018) and are Excluded Investment Products (as defined in MAS Notice SFA 04-N12:
Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on
Recommendation on Investment Products.

1. Issuer:
Perusahaan Perseroan (Persero) PT Perusahaan
Listrik Negara

1. (i) Series Number
2029 Notes: 3
2049 Notes: 4

(ii) Tranche:
2029 Notes: 1
2049 Notes: 1

2. Specified Currency or Currencies
U.S. Dollar

3. Aggregate Nominal Amount
2029 Notes: U.S.$500,000,000
2049 Notes: U.S.$500,000,000

4. (i) Issue Price:
2029 Notes: 99.004% of the Aggregate Nominal
Amount

2049 Notes: 99.293% of the Aggregate Nominal
Amount

(ii)
Net
Proceeds:
U.S.$ 991,185,000 (after deduction of the
commission of the Managers)

5. (i) Specified Denominations
U.S.$200,000 and integral multiples of U.S.$1,000 in
excess thereof

(i) Calculation Amount
U.S.$1,000

6. (i) Issue Date:
October 25, 2018

The Issuer expects that delivery of the Notes will be
on or about October 25, 2018, which will be five
business days (as such term is used for purposes of
Rule 15c6-1 of the Exchange Act) following the
date of pricing of the Notes (this settlement cycle is
being referred to as "T+5"). Under Rule 15c6-1 of
the Exchange Act, trades in the secondary market
generally are required to settle in two business days
unless the parties to any such trade expressly agree
otherwise. Accordingly, purchasers who wish to
trade the Notes on the date of this Pricing
Supplement or the next business day will be
required to specify an alternative settlement cycle at
the time of any such trade to prevent a failed
settlement. Purchasers of the Notes who wish to
make such trades should consult their own advisors.

(ii) Interest Commencement
October 25, 2018
Date:

7. Maturity Date:
2029 Notes: January 25, 2029

2049 Notes: January 25, 2049

8. (i) Interest Basis:
2029 Notes: 5.375% Fixed Rate
2049 Notes: 6.25% Fixed Rate

(ii) Default Rate
None

9. Redemption/Payment Basis:
Redemption at par

10. Change of Interest or
Not Applicable
Redemption/Payment Basis

11. Put/Call Options:
Not applicable

12. Status of the Notes
Senior

13. Listing: Singapore
Exchange
Securities Trading Limited

14. Place of Payment:
New York

15. Method of distribution:
Syndicated

SIDOCS01/131655.4
2

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

16. Fixed Rate Note Provisions Applicable

(i) Rate(s) of Interest:
2029 Notes: 5.375% per annum payable semi-
annually in arrears
2049 Notes: 6.25% per annum payable semi-
annually in arrears

(ii) Interest Payment Date(s):
January 25 and July 25 in each year, commencing on
July 25, 2019 (long first coupon)

(iii) Fixed Coupon Amount(s):
2029 Notes: U.S.$26.875 per Calculation Amount
2049 Notes: U.S.$31.25 per Calculation Amount

(iv) Broken Amount(s):
Not Applicable

(v) Day Count Fraction:
30/360

(vi) Determination Dates:
Not Applicable

(vii) Other terms relating to the
Not Applicable
method of calculating interest

for Fixed Rate Notes:

17. Floating Rate Note Provisions Not
Applicable

18. Zero Coupon Note Provisions Not
Applicable

19. Index-Linked Interest Note
Not Applicable
Provisions

20. Dual Currency Note Provisions Not
Applicable

21. Default Rate Not
Applicable

PROVISIONS RELATING TO REDEMPTION

22. Call Option Not
Applicable

23. Put Option Not
Applicable

24. Final Redemption Amount of
Not Applicable
each Note

25. Early Redemption Amount 100%
Early Redemption Amount(s) per

Calculation Amount payable on

redemption for taxation reasons

or on event of default and/ or the
method of calculating the same (if

required or if different from that

set out in the Conditions):

GENERAL PROVISIONS APPLICABLE TO THE NOTES

SIDOCS01/131655.4
3

26. (i) Form of Notes:
Registered Notes

(ii) Applicable TEFRA
Not Applicable
exemption:

27. Talons for future Coupons or
Not Applicable
Receipts to be attached to
Definitive Bearer Notes (and
dates on which such Talons
mature):
28. Financial Center(s) or other
New York and Hong Kong
special provisions relating to

Payment Dates:

29. Details relating to Partly Paid
Not Applicable
Notes: amount of each payment

comprising the Issue Price and

date on which each payment is to

be made and consequences (if

any) of failure to pay, including

any right of the Issuer to forfeit

the Notes and interest due on late

payment:

30. Details relating to Installment
Not Applicable
Notes: amount of each

installment, date on which each

payment is to be made:

31. Redenomination,
Not Applicable
Renominalisation and

Reconventioning:

32. Consolidation provisions:
Not Applicable

33. Use of Proceeds:
The Issuer expects to use the net proceeds from the
sale of the Notes, together with the net proceeds
from its sale of 500,000,000 aggregate nominal
amount of 2.875% Euro fixed rate notes due 2025
concurrently sold under its Global Medium Term
Program on or about the date hereof, to partially
fund its capital expenditure requirements and for
general corporate purposes relating to its 35,000
MW Program.

34. Other terms or special conditions: Not Applicable

DISTRIBUTION

35. (i) If syndicated, names of
2029 Notes
Managers:
Citigroup Global Markets Singapore Pte. Ltd.
($145,500,000)
The Hongkong and Shanghai Banking Corporation
Limited ($145,500,000)
Mandiri Securities Pte. Ltd. ($97,000,000)
Standard Chartered Bank ($97,000,000)
SIDOCS01/131655.4
4

PT Bahana Sekuritas ($5,000,000)
PT BNI Sekuritas ($5,000,000)
PT Danareksa Sekuritas ($5,000,000)

2049 Notes
Citigroup Global Markets Singapore Pte. Ltd.
($145,500,000)
The Hongkong and Shanghai Banking Corporation
Limited ($145,500,000)
Mandiri Securities Pte. Ltd. ($97,000,000)
Standard Chartered Bank ($97,000,000)
PT Bahana Sekuritas ($5,000,000)
PT BNI Sekuritas ($5,000,000)
PT Danareksa Sekuritas ($5,000,000)

(ii) Stabilizing Manager (if any):
The Hongkong and Shanghai Banking Corporation
Limited

36. If non-syndicated, name of
Not Applicable
Dealer:

37. Additional selling restrictions:
In connection with Section 309B of the Securities
and Futures Act (Chapter 289) of Singapore (the
"SFA") and the Securities and Futures Act (Capital
Market Products) Regulations 2018 of Singapore
(the "CMP Regulations 2018"), unless otherwise
specified before an offer of Notes, the Company
has determined that the Notes are prescribed capital
markets products (as defined in the CMP
Regulations 2018) and Excluded Investment
Products (as defined in MAS Notice SFA 04-N12:
Notice on the Sale of Investment Products and
MAS Notice FAA-N16: Notice on
Recommendations on Investment Products.

38. Prohibition of Sales to EEA Retail The Notes are not intended to be offered, sold or
Investors:
otherwise made available to and should not be
offered, sold or otherwise made available to any
retail investor in the European Economic Area
("EEA"). For these purposes, a retail investor
means a person who is one (or more) of: (i) a retail
client as defined in point (11) of Article 4(1) of
Directive 2014/65/EU ("MiFID II"); or (ii) a
customer within the meaning of Directive
2002/92/EC, as amended, where that customer
would not qualify as a professional client as defined
in point (10) of Article 4(1) of MiFID II.
Consequently, no key information document
required by Regulation (EU) No 1286/2014 (as
amended, the "PRIIPs Regulation") for offering or
selling the notes or otherwise making them available
to retail investors in the EEA has been prepared
and therefore offering or selling the Notes or
otherwise making them available to any retail
investor in the EEA may be unlawful under the
PRIIPs Regulation.
SIDOCS01/131655.4
5

39. Interests of Managers involved in
The Managers and certain of their affiliates may
the issue / offer:
have performed certain investment banking and
advisory services for the Issuer and/or its affiliates
from time to time for which they have received
customary fees and expenses and may, from time to
time, engage in transactions with and perform
services for the Issuer and/or its affiliates in the
ordinary course of their business. The Managers
have received, or may in the future receive,
customary fees and commissions or other payments
for these services.

The Managers or certain of their affiliates may
subscribe for the Notes and be allocated Notes for
asset management and/or proprietary purposes and
not with a view to distribution.

The Managers or their respective affiliates may
subscribe for the Notes for their own account and
enter into transactions, including credit derivatives,
such as asset swaps, repackaging and credit default
swaps relating to the Notes and/or other securities
of the Issuer or its subsidiaries or associates at the
same time as the offer and sale of the Notes or in
secondary market transactions. Such transactions
would be carried out as bilateral trades with selected
counterparties and separately from any existing sale
or resale of the Notes to which the Offering
Memorandum relates (notwithstanding that such
selected counterparties may also be subscribers of
the Notes).

OPERATIONAL INFORMATION

40. ISIN Code:
2029 Notes:
Rule 144A Global Note: US71568PAG46
Regulation S Global Note: US71568QAG29

2049 Notes:
Rule 144A Global Note: US71568PAH29
Regulation S Global Note: US71568QAH02

41. CUSIP:
2029 Notes:
Rule 144A Global Note: 71568PAG4
Regulation S Global Note: 71568QAG2

2049 Notes:
Rule 144A Global Note: 71568PAH2
Regulation S Global Note: 71568QAH0

42. CFI: Not
Applicable

43. FISN: Not
Applicable

44. Legal Entity Identifier: 254900OYVDRYS9J51J61
SIDOCS01/131655.4
6

45. Common Code:
Not Applicable

46. Any clearing system(s) other than
The Depositary Trust Company ("DTC")
Euroclear Bank S.A./N.V. and

Clearstream Banking société

anonyme and the relevant

identification number(s):

47. Delivery:
Delivery versus payment

48. Additional Paying Agent(s) (if
Deutsche Bank Trust Company Americas
any):
(for Notes held through DTC)

SIDOCS01/131655.4
7