Indomobil Finance upsizes bonds to IDR1 trillion

JAKARTA: PT Indomobil Finance Indonesia, a financing company of Indomobil Group, has increased the value of its bond issuance from IDR700 billion to IDR1 trillion as a high demand for such corporate bond.Three of Bisniss sources in the capital market
Wandrik Panca Adiguna
Wandrik Panca Adiguna - Bisnis.com 31 Mei 2011  |  01:52 WIB

JAKARTA: PT Indomobil Finance Indonesia, a financing company of Indomobil Group, has increased the value of its bond issuance from IDR700 billion to IDR1 trillion as a high demand for such corporate bond.Three of Bisniss sources in the capital market said that the company canceled to issue 2 year bond.One of Bisniss sources said that tranche A bond couponWhich has one year tenor is set at the level of 8% with the issuance value of IDR75 billion, tranche B with 3 year tenor was at 10.15% or amounting to IDR400 billion, while tranche C with 4 year tenor was 10.625%, or valued at IDR525 billion."They have set the coupon and the size of each tranche and they are still waiting for documentation to Bapepam-LK," he told Bisnis, last week.Determination of these coupons is still in the range which was presented by prospective issuers, led by Josak Kertowidjojo it to prospective investors at the initial offering period.In the public exposure of the bond issuance, the company offered a tranche A coupon bond with 370 days tenor at the level of 7.50%-8.25%, tranche B with 2 year tenor at the level 9%-9.75%, tranche C with 3 year tenor at the level between 9.7% and 10.4% and tranche D with 4 year tenor at 10.25%-11%.Acting as the underwriter of the bond issuance are PT CIMB Securities Indonesia, PT Indo Premier Securities, PT Nikko Securities, and PT Kresna Graha Tbk Sekurindo. Meanwhilem PT Bank Mega Tbk is responsible as the trustee.Last month, PT Pemeringkat Efek Indonesia (Pefindo) increased rating of Indomobil Finance Indonesia from level-idA level to idA with a stable outlook due to a strong market position supported by Indomobil Group.The improved rating was also assigned for bonds III/2009 that are still floating in the market and the company plans to issue bonds IV/2011worth IDR700 billion. The rating of the finance company was also reflecting the increased size of profitability."However, ratings are limited by the relatively high credit risk compared to other competitors and the high dependence on external funding for business expansion," said an analyst at Pefindo Dimas Aditya in his research.Indomobils Finance Director Gunawan said the abolition of the issuance of 2 year bonds was happened because of small demand on it. He also confirmed other details about the issuance of corporate bonds."The effective statement has already come out from capital market regulator [Bapepam-LK]. Purchase was nearly four times from the bid value of IDR500 billion."Delay to issue bondsPT MNC Finance postponed the companys plan to issue its initial bond from the original plan of the end of 2H/2011 to next year as the great number of bank loans and capital injections from the parent company which obtained by the company.Director of Finance MNC Purnadi Harjono said one of new loans which received by the company since earlier of this year was channeled by PT Bank Sinarmas worth IDR100 billion.MNC Finance which was previously known as PT Bhakti Finance was intended to offer its initial bond worth IDR250 billion early this year, but the plan was postponed to 2H/2011 and finally it has to be postponed again until next year.He also said that the company has been acquired an additional fund from MNC Group totaled IDR25 billion which given last April. The fund can be used to support the financing distribution of the company in this year.Meanwhile, He said the bank loans will support the financing distribution target which set between IDR1 trillionIDR1.2 trillion or increased 25% to 50% from last years realization of IDR800 billion. (t03/wiw)

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