JAKARTA: PT BFI Finance Indonesia Tbk, a financing company focusing on used cars, increases the value of its third bond issuance this year to IDR450 billion from IDR200 billion, as demand increases.As stated in the research of PT Fitch Ratings Indonesia released yesterday, the rating of the bond issue is being finalized in the authority of capital market.Fitch Ratings Director-Primary Analyst Iwan Wisaksana set final rating A (idn) upon the bonds, corresponding to the predicted rating at level A(idn)(exp) in March. The prospect of the rating was set at stable level.It follows the document confirming the information we previously had, Iwan said in the rating research.In the meantime, two bond traders said that the company has set bond coupons that are available in three tranches, each at 9%, 10.25% and 11%.The tranches (A-C) are set based on the maturity periods of each bond, 370 days, 24 months, and 36 months.In processBFI Finance Corporate Secretary Budi D. Munthe declined to comment on the addition of the bond issue. The tranche A is worth IDR90 billion, tranche B worth IDR120 billion, and tranche C worth IDR240 billion.Concerning the coupon, the company and the underwriter have agreed that we could not tell it because it is in process.Fitch's data says that the company established in 1982 focuses on consumer financing and business leasing in Java, Sumatra, Borneo, and eastern Indonesia and is supported by 124 branch offices.After an acquisition last May, Trinugraha Capital & Co SCA (TC&Co) is now the major shareholder of BFI Finance with 44.95% ownership.Other shareholders of the company are The Northern Trust S/A AVFC with 9.58% shares, Credit Suisse Securities (Europe) Ltd with 5.23% shares, and others with 40.24% shares.Currently, BFI Finance is considering a joint financing with PT Bank Tabungan Pensiunan Nasional Tbk (BTPN), which has an indirect relation with the company. (T04/NOM)
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