JAKARTA – PT Kawasan Industri Jababeka Tbk (KIJA) will pay off Senior Notes worth USD 300 million through an exchange offer of new Senior Notes of USD 185.85 million and IDR 1.19 trillion cash.
In the company’s prospectus quoted Monday (19/12), Tedjo Budianto Liman, President Director of KIJA, claimed that these new notes of USD 185.85 million will mature in 2027. The value of those notes will be equivalent to IDR 2.78 trillion if using Bank Indonesia’s mid-rate of IDR 14,958 per USD.
The agreement regarding this corporate action was signed last week, on December 15, 2022, with corporate and subsidiary guarantee, as well as a tract of land of 300 hectares (Ha) from PT Banten West Java Tourism Development (BWJ), a subsidiary of KIJA.
These new notes will have an interest rate that gradually grows from 7% to 9%. In other words, for the first year, the applied interest rate is 7% per annum, followed by 7.5% per annum in the second year, 8% per annum in the third year, 8.5% per annum in the fourth year, 9% per annum in the fifth year.
Meanwhile, the outstanding amount of the old Notes reaching USD 79.66 million or IDR 1.19 trillion, had been paid in cash via a credit facility from PT Bank Mandiri (Persero) Tbk (BMRI).
The old Notes, worth IDR 4.48 trillion in total, will mature in October 2023. It was issued through Jababeka International B.V., a subsidiary of KIJA. (LK/ZH)