Due to its interest rates, demand for Sritex's new bonds is extraordinary
JAKARTA. Textile company PT Sri Rejeki Isman Tbk (SRIL) issues dollar bonds with a total value of US$ 225 million. The bonds have an interest rate of 7.25% and will mature in 2025.
In the information disclosure on the Indonesia Stock Exchange (IDX) on Monday (14/10), President Director of SRIL, Iwan Setiawan explained that the bonds would be guaranteed by PT Sinar Pantja Dijaja, PT Bitratex Industries, and PT Primayudha Mandirijaya.
On 9 October 2019, SRIL was given "Ba3" rating with a stable outlook by Moody's and BB-stable by Fitch and Ratings. According to Iwan, the extraordinary global acceptance of these bonds is evidence of Sritex's strong track record in the textile manufacturing industry.
63 accounts has placed orders for the bond, with a total order value of US$ 430 million. 71% of the order came from Asia, 27% from Europe, the Middle East & Africa (EMEA) and 2% from the United States (US). Based on the type of investor, 89% of the bonds are ordered by fund managers, 5% by banks, and the remaining 6% by other investors. (AM/AR)