JAKARTA – PT Indah Kiat Pulp & Paper Tbk (INKP) is set to issue the Shelf-Registration Bond Phase II Year 2021 of IDR 2.01 trillion and the Mudharabah Sukuk Phase II Year 2021 of IDR 738.81 billion. These debt securities would be offered in three series, starting by the end of this month until December (30/11-2/12).
In the information disclosure quoted today (18/11), the bonds issued in Series A would have a face value of IDR 796.81 billion with an annual interest of 6% and a 370-days tenor. The Series B bonds are worth IDR 876.10 billion with an 8.75% interest rate per year for a three-year tenor. Lastly, Series C would be offered for IDR 338.33 billion with a five-year tenor and an interest rate of 9.25% per year.
For mudharabah sukuk, Series A would be offered for IDR 187.19 billion, with a profit-sharing rate of 6% annually and a tenor of 370 days. Series B’s face value is set to IDR 304.52 billion with a profit-sharing rate of 8.75% per year for three years, while Series C is worth IDR 247.09 billion with a profit-sharing rate of 9.25% per year and a five-year tenor.
These bonds and sukuk would be guaranteed with a full commitment by the underwriters. They include PT BCA Sekuritas, PT BI Sekuritas, PT Indo Premier Sekuritas, PT Mandiri Sekuritas, PT Sinarmas Sekuritas, PT Sucor Sekuritas, and PT Trimegah Sekuritas Indonesia Tbk (TRIM). For the record, the bonds have earned an “idA+ (single A plus)” rating from Pefindo, a local rating agency.
Supposedly, 60% of the proceeds of the upcoming issuance of bonds and sukuk would be spent on paying principal values and loan instalments. Another 40% would be channelled to the working capital, including buying raw materials, fuel, packaging, and overhead costs. (LK/ZH)