JAKARTA. PT Solusi Tunas Pratama Tbk (SUPR) will issue bonds denominated in foreign currencies with a total value of US$ 400 million (equivalent to Rp 8 trillion). The total value of the bonds to be issued is equivalent to 2.5 times the company's equity.
Juliawati Gunawan, Corporate Secretary of SUPR, said that the company had received permission from the Financial Services Authority (OJK) for the plan on 16 July 2020. "The plan will be carried out in order to increase the company's liquidity to support operational needs, asset growth, and corporate funding," Gunawan said through an information disclosure published on the Indonesia Stock Exchange (IDX) website.
The bonds will be offered with a maximum coupon of 8%, with a maximum tenor of 7 years. The bonds will be listed on the IDX, after the company's shareholders gave their approval for the plan at the Extraordinary General Meeting of Shareholders (EGMS), which will be held on 22 July 2020.
As of the end of 2019, the SUPR debt ratio was recorded at 275.48%. Its revenue declined slightly by 6.35% year-on-year (YoY) in 2019 to Rp 1.77 trillion, with a net profit margin of 12.92%.
SUPR's total asset value was recorded at Rp 11.16 trillion. The company plans to use part of its assets as collateral for bond issuance. (KR/AR)