Indomobil Finance Offers Rp3t Worth of Bonds
23 March 2015 19:06 WIB
TEMPO.CO, Jakarta – Financing firm PT Indomobil Finance Indonesia (IFI) has launched the second stage of its continuous-bond offering as part of a continuous-bond scheme to be issued gradually within two years, Rayendra Tobing, the head of investment banking at Indopremier Securities, said on Monday, March 23, 2015.
“The maximum amount of the bond to be issued is Rp3 trillion (US$230.7 million),” Rayendra said in Jakarta.
For the initial stage, Indomobil will issue an offering of Rp500 billion (US$38.5 million), comprising three series of bond coupons. The first one, the bond series A, has one-year period with a coupon rate of 9-9.6 percent. The B series will mature in three years with a rate of 10-10.6 percent annually. The C series, meanwhile, has a coupon rate of 10.15-10.8 percent that will mature in four years. The offering is slated for April 20-21.
“We’re targeting local and foreign investors. But we can’t confirm the proportion [of the investors] yet,” Rayendra added.
Indomobil president director Jusak Kertowidjojo said the funds would be used as working capital of the company's financing business.
Jusak added Indomobil approved Rp4.3 trillion worth of loans in 2014 and expected an increase by 15-20 percent this year. He went on that Indomobil would also mull engaging in the financing business in the maritime sector, which it viewed as boasting huge potential. However, Jusak admitted that the company was still having difficulties in penetrating the market.
“I can see the potential, but we’re still learning the management of the business owners [in the maritime sector],” Jusak said.
ADITYA BUDIMAN