TEMPO.CO, Jakarta - State-owned toll road management company PT Jasa Marga (Persero) Tbk plans to issue bonds worth Rp1.5 trillion. Corporate secretary Mohammad Sofyan said the bond issuance proceeds will be used to settle the payment of two bonds that are maturing this year.
"We have the Rp1 trillion Jasa Marga XII bond that matures on July 6, and the Rp400 billion Jasa Marga B Series bond maturing on September 27," Sofyan said in a disclosure on Tuesday, February 2.
Reynaldi Hermansyah, finance director at Jasa Marga, had said that the company needs a capex of Rp14 trillion. The company plans to source funding from its internal cash and by issuing bonds, whilst seeking alternative funding from bank loans.
I Made Adi Saputra, an analyst with MNC Securities, predicted Jasa Marga's bond issuance to attract investors, as there aren’t many bonds issued by companies engaged in the construction and infrastructure sectors.
Made Adi said that Jasa Marga is a large company with excellent performances. Coupled with the currently well bond market conditions, he projects an oversubscription.
Jasa Marga has not decided the term and coupon for its next bond, but Made Adi is predicting the company to release a bond with a medium term of five to eight years with a coupon of 9.0 to 9.5 percent.
In 2016, Jasa Marga is targeting a revenue increase of 14.25 percent to Rp8.66 trillion. The company is also seeking to post a 35.5 percent assets growth to Rp48.94 trillion.
SINGGIH SOARES
