(Insider Stories) - Indonesia flag carrier PT Garuda Indonesia (GIAA.JK) priced the five years rupiah bonds IDR2.0 trillion at 9.25% after raised strong demand from investors, said the finance director.  

Joint lead underwriters for the bonds issuance are PT Bahana Securities and PT Mandiri Sekuritas. Garuda plans the bonds will listing by July, 8.

Garuda's Finance Director Handrito Hardjono told dowjones, after issued the rupiah's bond, the state own airlines plans to release up to 10% or arround three billion shares in October to raises at least US$200 million.

The rights issue proposal has sent to State Enterprises Ministry to get an approval.

The other plans, He said, Garuda plans  to release maintenance repair overhaul shares, PT GMF Aero Asia up to 30% in the second half of 2013 or first half 2014, The units expect will get new fund US$100 million from the IPO to finance the company's investment arround IDR1 trillion in the next three years.

The CEO Emirsjah Satar said at Launch Boeing 777-300ER, by 2015 Garuda's target to become a five star skytrax airlines. In 2013, the company will be facing 24 new aircraf including 10 units Boeing 777-300 ER.

Garuda expect to have 194 unit aircrafts by 2015 from this year target 106 units and passenger carried from 20.4 million to 45.4 million. Garuda also launch the first class services after stopped at the crisis time in 2008 as one of new services.