By M. Tahir Saleh & Irvin Avriano A.
for Bisnis Indonesia
JAKARTA: PT Federal International Finance (FIF) has appointed three securities companies as underwriters for bonds X/2010 worth IDR1 trillion.
President Director FIF Suhartono said the company named PT Kresna Graha Sekurindo Tbk, PT Indo Premier Securities, and PT Mandiri Sekuritas as the underwriters.
"The plan is still opened for more [of securities company as underwriters], but we still explore the options," Suhartono said to Bisnis yesterday.
The company, he added, intends to use the funds to realized finance planning which targeted this year. Based on Bisnis records, the corporation targets this year financing can be realized by Rp15 trillion.
The financing company, mostly for motorcycles Honda brand, was also still has a dependent bond worth IDR2.2 trillion. From these bonds, three series from it worth Rp855 billion will be mature this year.
Based on data from Indonesia Stock Exchange (IDX), the series which will mature is VII/2007 C series worth Rp300 billion due on May 2nd, then IX/2010 A series bonds worth Rp365 billion due on May 4th.
Furthermore the VIII/2008 B series bonds worth Rp190 billion, which matures on May 13th, 2010.
The data also indicate the company plans to use working capital and consumer installment payment financing to pay off the bond obligation. FIF already had ratings from PT Pemeringkat Efek Indonesia (Pefindo) at idAA- levels for the company ratings and all bonds series that been issued.
Marketing Director FIF Margono Tanuwijaya have said the company intended to issue bonds and medium term notes (MTN) worth a total of Rp3 trillion this year as one source of financing.
According Suhartono, the company also recently used the services of PT NISP Sekuritas as the arranger of MTN I/2010 phase III worth Rp300 billion that have been listed this weekend. The company's MTN will mature on January 27th 2012 and the coupon will be paid every 3 months.
"The company intends to use funds from the MTN to funding semester I/2010's needs of financing."
IDX data also indicate as many as 35 companies have listed bonds which will mature this year. Subordinate bonds of PT Bank Rakyat Indonesia Tbk I/2004 worth Rp500 billion and subordinated bonds PT Bank Mayapada Internasional Tbk I/2005 valued at Rp45, 5 billion, also have a call option this year.
Other finance companies which have bonds maturing in 2010 includes PT Summit Oto Finance valued at Rp550 billion, PT Wahana Ottomitra Multiartha Tbk worth Rp385 billion, and PT Astra Sedaya Finance worth at Rp1, 15 trillion.