JAKARTA - PT Polytama Propindo plans to issue Bond I and Sukuk Ijarah I Polytama Propindo 2020 with a total principal of Rp 750 billion. For information, PT Polytama Propindo is owned by PT Tuban Petrochemical Industries, where TubanPetro's shares are owned by the Ministry of Finance by 49% and Pertamina by 47%.
At the Polytama Propindo’s media conference (14/8), Tulus Nababan, Head of Investment Banking at BNI Sekuritas, said that the principal of Bond I and Sukuk Ijarah I is as much as Rp 450 billion and Rp 300 billion, respectively. In addition, Polytama Propindo has received a B+rating from Pefindo for both bond and sukuk.
For the bond issuance, Polytama Propindo has appointed BNI Sekuritas, CIMB Niaga Sekuritas, Indo Premier Sekuritas and Mandiri Sekuritas as underwriters.
This bond has 3 series, namely series A with a tenor of 370 days and a coupon of 9% - 10%. Then series B with a tenor of 3 years and a coupon of 10.25% - 11.25% and series C with a tenor of 5 years and a coupon of 11% - 12%. Coupon payments will be made every three months. The bond proceeds will be used to pay part of the company's debt, so that the company's cost of funds will be lower.
The bookbuilding period for the Bond will be carried out on August 13-25, 2020, the effective statement of the OJK is expected to be on August 31, 2020 and the public offering period will be on September 1 - 4, 2020. It is planned that the bond will be listed on the IDX on September 10, 2020. (LM)