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Wednesday, June 9, 2010

CIMB Niaga use sub-debt issuance to lend vehicle financing

Irvin Avriano A.

CIMB Niaga use sub-debt issuance to lend vehicle financing

JAKARTA: PT Bank CIMB Niaga Tbk plans to use 93% of funds from the issuance of subordinated bonds II/2010, or IDR1.39 trillion from a total of IDR1.5 trillion, to lend vehicle financing.

In the bond prospectus published yesterday, the company also plans to use funds amounting to 7% of the actual issuance of bonds to lend micro credit financing.

Based on the Bisnis record, CIMB Niaga have a vehicle leasing company, Niaga Finance. However, the company also had plans to acquire a company's financing this year, although not been mention yet.

In a seven-year tenured sub-debt bond issuance, the company assisted by PT CIMB Securities Indonesia, PT Mandiri Sekuritas, and PT Bahana Securities as the underwriter.

Companies whose share prices coded BNGA closed stagnant at the level of IDR1.040 per share and establish its market capitalization to IDR24.89 trillion yesterday afternoon.



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