JAKARTA (Yosefardi) – Textile giant PT Sri Rejeki Isman Tbk (SRIL), otherwise popular as Sritex, through its subsidiary PT Sinar Pantja Djaja, plans to issue global bond worth US$420 million.
The bond proceeds will be used to refinancing debts (US$320 million) and to finance power plant construction and working capital (US$100 million).
The global bonds will have tenor of 5 years and will offer coupon rate of maximum 10% per annum.
For 2016, SRIL allocates US$86 million for funding spinning factory construction with production capacity of 88 bales per year and funding weaving factory construction with production capacity of 25 million meters per year.