German cement maker HeidelbergCement AG (HEI.XE) is seeking to sell up to US$237 million worth of shares in Indocement Tunggal Prakarsa PT (INTP.JK), according to a term sheet seen by Dow Jones Newswires on Tuesday.

The German cement maker is selling 520 million shares in the Indonesian cement producer in a price range of IDR5,750-IDR6,200 a share, representing a 9%-16% discount to its closing price Tuesday of IDR.

HeidelbergCement will use the proceeds of the share sale to pay down debt, the term sheet said.

-By Jackie Cheung, Dow Jones Newswires; 852-2802-7002; jackie.cheung@dowjones.com