JAKARTA - PT Chandra Asri Petrochemical Tbk (TPIA), Indonesia’s largest integrated petrochemical company, successfully completed its first issuance in 2021 under the Company’s IDR Bond Shelf Program, to fund the Company’s continued growth. This was the first issuance after Chandra Asri announced its resilience in navigating the COVID-19 pandemic smoothly, to deliver solid financial results and maintain its robust balance sheet. The Company reported a full year 2020 net profit after tax of US$51.5 million and US$85 million in Q1 2021.
The issuance was geared to longer tenors to better match the Company’s long-term growth plans, with Rupiah-denominated coupons of 7.8% for the 3-year series A of IDR50 billion, 8.5% for the 5-year series B of IDR587.95 billion, and 9.0% for the 7-year series C of IDR362.05 billion.
Erwin Ciputra,President Director of Chandra Asristates, “We are grateful to our bond investors who overwhelmingly support our growth plans, which has enabled our Bond Program to continue growing from strength to strength. “
PT BCA Sekuritas, PT DBS Vickers Sekuritas Indonesia, and PT Bahana Sekuritas supported the Company in the successful offering, with PT Bank Tabungan Negara (Persero) Tbk as the Trustee. This transaction marksChandra Asri’s continued success in tapping the domestic fixed income market, as part of the Company’s Shelf Program III approved by the Financial Services Authority (OJK), with an aggregate IDR5 trillion funding capacity between 2020 and 2022.
The issuance was again rated idAA- from Pefindo and the proceeds will be used to fund Chandra Asri’s working capital as the Company prepares for sustained growth to meet the requirements of the domestic Indonesian market. (LM)