JAKARTA (Indonesia Today) – Fitch Ratings has assigned Indonesia-based PT Aneka Gas Industri’s (AGI) proposed IDR200bn secured bond and IDR300bn sukuk ijarah bond, both due in 2017, ‘A-(idn)’ ratings.
The ratings are in line with AGI’s National Long-Term rating of ‘A-(idn)’, which has a Stable Outlook. The rating of the sukuk ijarah bond reflects Fitch’s view that the sukuk bond constitutes direct, unconditional, unsecured and general obligations of AGI. The sukuk bonds follow an “ijara” structure and, together with the secured bond, are similar to AGI’s IDR160bn Islamic bond and IDR80bn bond I issued in July 2008.
The proceeds of the issuance will primarily be used to fund the construction of two new air separation plants. The new air separation plants in Rungkut and Bitung will increase its annual production of oxygen, nitrogen, and argon by a total of approximately 50,000 metric cubic. The remaining proceeds will be used to repay the principal of its maturing bonds due in July 2013 and to finance working capital needs.