JAKARTA. PT Indah Kiat Pulp & Paper Tbk (INKP) issues Shelf-Registered Bonds II Phase III Year 2022 and Shelf-Registered Sukuk Mudharabah I Phase III Year 2022, with a principal value of IDR 1.99 trillion and IDR 1.26 trillion each, respectively.
In the published prospectus, INKP is said to utilise 60% of the proceeds of the bonds issuance to pay its debts. Then, another 40% will be channelled to the working capital.
Meanwhile, 60% of the proceeds of the sukuk mudharabah issuance will be allocated to replace funds taken out to settle the company’s debts. Similarly, the remaining portion will be placed as the working capital.
INKP has assigned nine security companies as the underwriters for this bonds and sukuk issuance. The upcoming bonds issued by INKP have secured an “idA+” rating from Pemeringkat Efek Indonesia (Pefindo), a local rating agency. The sukuk mudharabah has also been granted with an “idA+ (sy).”
The public offering period of bonds and sukuk mudharabah will last from February 18 to 21, 2022. The electronic distribution of those securities will take place on February 24, 2022, while the listing in Indonesia Stock Exchange (IDX) will follow on February 25, 2022.
Based on idnfinancials.com data, INKP acquired cash and cash equivalents of USD 967 million at the end of September 2021. Its total assets amounted to USD 8.62 billion, while its liabilities reached IDR 3.99 billion. (KR/ZH)