JAKARTA (Indonesia Today) – PT CIMB Niaga Auto Finance decides to upsize its bond issue to Rp600 billion from initial plan Rp500 billion.
The bond will be issued in 2 series; series A with tenor of 370 days amounting Rp152 billion and series B with tenor of 3 years amounting Rp448 billion.
Series A bond offers coupon of 7% while series B bond will carry coupon of 8.1%..
PT Fitch Ratings Indonesia has rated AA+ (idn) for the bond.
The bond offering is scheduled for November 13, 14 and 19, 2012 while listing at stock exchange is set for November 23, 2012.
PT CIMB Securities Indonesia acts as underwriter for the bond.
The bond proceeds will be used for repaying debt to Bank Permata (25%) and for working capital to support automotive financing (75%). As of May 31, 2012, the company’s loan to third parties totaled Rp2.4 trillion. Its assets totaled Rp3.39 trillion. The company booked net profit of Rp62.78 billion in first five months to May 2012 on revenue of Rp357.23 billion. (hans@theindonesiatoday.com)