Publicly-listed noodle maker and distributor PT Tiga Pilar Sejahtera Food is planning to raise funds for expansion and to pay its obligations by selling debt papers amounting to a total of Rp 900 billion (US$92 million). According to a prospectus published on Friday, the company will offer Rp 600 billion conventional bonds and Rp 300 billion Islamic bonds (sukuk), which will mature in five years.
Tiga Pilar said that about 83.54 percent of funds to be raised from selling conventional bonds would be used to pay debts to Bank Mandiri, 5.94 percent to Bank Rakyat Indonesia and 10.52 percent as working capital. Funds to be raised from selling sukuk will also be used to refinance debts. The company has obtained single A minus rating from Indonesia rating agency PT Pefindo for both conventional and Islamic bonds.
Tiga Pilar has appointed three underwriters, namely PT Danareksa Sekuritas, PT HSBC Securities Indonesia and PT Indo Premier Securities, to manage the bond issuances. The bookbuilding period will be March 4-15 while the offering period will be on April 1-2. Tiga Pilar is expecting to list the bonds on the Indonesia Stock Exchange (IDX) on April 8.
source : the jakarta post
source : the jakarta post
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