JAKARTA. PT Solusi Tunas Pratama Tbk (SUPR) plans to issue bonds worth IDR 13.64 trillion or 374% of the company's total issued and fully paid-up capital. Most of the proceeds from the bond issuance will be used to repay loans.
The bonds are planned to be issued in rupiah and United States (US) dollars or global bonds. The value of bonds denominated in rupiah is IDR 8 trillion and US dollar bonds amounting to US$ 400 million, which based on the middle exchange rate is equivalent to IDR 5.64 trillion.
Based on SUPR's information disclosure, Monday (31/5), the total value of the two bonds reached 374% of the company's equity as of December 31, 2020 of IDR 3.65 trillion, so they are included in material transactions. Both bonds have a maximum tenor of ten years with the highest interest rate of 12% per annum.
Funds from the bond issuance will be used for early repayment of the US$ 297 million Loan Facility Agreement and IDR 3.85 trillion Loan Facility Agreement dated 27 February 2018. The funds will be used by the company to pay off the principal and interest on the previous debt, pay fees, other costs of the credit agreement, and to meet other needs.
The planned rights issue will be approved at the Extraordinary General Meeting of Shareholders (EGMS) as well as the Annual GMS (AGM) which will be held today, Thursday (3/6/2021). (AM/LM)