JAKARTA - PT Sri Rejeki Isman Tbk (SRIL), or known as Sritex, has postponed the plan to issue bonds in USD (global bonds) worth 325 million.
This was conveyed by Allan Moran Severino, Sritex's Finance Director, in an official letter sent to the Financial Services Authority (OJK).
As previously reported by idnfinancials.com, on January 12, 2021, Sritex announced plans to issue global bonds. Sritex is one of the largest textile companies in Indonesia, and ready to make 3 of its subsidiaries as collateral for this global bond.
For information, the securities rating agency, Moody's Investors Service, has also assigned a B1 rating to Sritex, with a negative outlook. The rating, Moody's stated in an official statement, reflected the risk of debt restructuring, considering that Sritex's total debt, matured in the next 12-18 months, had reached US$ 611 million.
As of September 2020, Sritex had cash of US$ 159 million. Meanwhile, the total funds available at the bank amounted to US$ 87 million. (KR/VA)