JAKARTA (Yosefardi) – Flag carrier PT Garuda Indonesia Tbk (GIAA) decided to cancel its bonds issue plan worth US$500 million, equivalent Rp6.4 trillion, as the market in Singapore does not support, Bisnis.com reported.
Then, GIAA opts to issue global Islamic bonds (sukuk) worth US$500 million. GIAA will use the bonds proceeds for refinancing its existing debt. GIAA’s debt matured this year amounts US$350 million or Rp4.5 trillion. While US$135 million debt will mature in early 2016.
GIAA’s debts total US$578.1 million (Rp6.93 trillion) as at September 2013, of which bond debt amounting US$162.7 million or Rp1.95 trillion. While long term debt, to mature with next one year, reaches US$255.64 million.
GIAA has also reported secured US$400 million bridging loan (Rp5.12 trillion) from 2 banks in Middle East. This loan might have tenor of 3-6 months.