May 20, 2020 / 1:54 AM / 16 days ago

Garuda Indonesia to seek 3-year maturity extension for $500 mln sukuk

JAKARTA, May 20 (Reuters) - Airline PT Garuda Indonesia is preparing to propose a 3-year maturity extension to its $500 million Islamic bonds that are coming due on June 3, the company said in a statement late on Tuesday.

Garuda said it has submitted the proposal to Indonesia’s Financial Services Authority, as well to bondholders through the Indonesia and Singapore stock exchanges, and the company will seek holders’ approval on June 10.

Garuda is struggling to repay its debt as the coronavirus outbreak disrupts air travels globally. (Reporting by Bernadette Christina Munthe; Writing by Fransiska Nangoy; Editing by Muralikumar Anantharaman)

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