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Thursday, June 10, 2010

Eximbank to get US$250 million loans: Medco reviews the US$50 million notes

Thursday, 10/06/2010 00:00 WIB
Eximbank to get US$250 million loans: Medco reviews the US$50 million notes

Irvin Avriano A.
Bisnis Indonesia

JAKARTA: Indonesia Eximbank is about to get US$250 million loans from nine domestic and overseas banks. At the same time, the company also prepares bond issuance in semester I/2011 worth US$300 million.

Senior Executive Director of Indonesia Eximbank the commercial name of the Indonesian Export Multifinance Company Arifin Indra said the loan here involves Standard Chartered Bank, Sumitomo Mitsui and Bank of Tokyo and this will be signed next week in Singapore.

"The loan is in US dollar denomination with 2-3 years tenure with an expected top rate of 185 basis points from the Sibor (Singapore Interbank Offered Rate)," he said after public expose of the I Eximbank bonds in Jakarta yesterday.

Besides, he also said currently the company also processes the loans from the World Bank and the Asean Develop-ment Bank (ADB)which is expected to disburse US$100 million loans each.

This year the capitalization will be increased from the government capital injection of IDR2 trillion which is expected to realize in the amended State Budget to cover the funding needs this year.

"This year needs IDR6.5 trillion budget to meet the financing expansion target worth IDR16.15 trillion up to yearend, including the budgeting for sustainable expansion."

Responding to the issuance of bond in semester I/2011, Director of Eximbank Basuki Setyadjid said the company plans to issue US$300 million bonds with an estimated 6-7 percent coupon. But the schedule, value, and bond coupon are still subject to change.

On the other side, Arifin also said the company set the bond yield in semester I/2010 at 7-10 percent. The bond here will consist of four series with the targeted proceeds worth IDR2.5 trillion and might be upsized to IDR3 trillion when there is mounting demand.

The four series here include the A series with 370 days tenure with yield reference to that of the government sovereign bond (SUN) of FR0016 plus 50-125 basis points or 7-7,75 percent. The B series with 3 years tenure refers to SUN FR0019 plus 50-125 bps or 8.57-9.33 percent yield.

The C series with 5 years tenure refers to the SUN FR0027 plus 50-150 basis points or with 8.82-9.80 percent yield. The D series of 7 years tenure refers to SUN FR0028 plus 50-150 basis points or the coupon at 9-10 percent.

Arifin said the fund tapped from bonds will be allocated to support the financing expansion at export and import market which is targeted at IDR16.15 trillion up to yearend or grow by 74 percent from IDR928 trillion in previous year.

Medco review MTN issuance
Meanwhile, giant oil and gas company PT Medco Energi Internasional Tbk reviews the issuance scheme of medium term notes (MTN) III/2010 worth US$50 million.

Investor Relations of Medco Nusky Suyono said the decision was made as the company still waits for the regulation of Bapepam-LK on MTN based mutual fund.

"This relates to the investor of our notes scheme which is deemed a mutual fund institution. Besides, we also observe the market situation as the bond issuance consideration," he said yesterday.

The regulation Nusky said here is the policy of Bapepam=-LK which holds all effective permit for the MTN-based mutual fund issuance dealing with the mapping for MTN criteria that could be bought by mutual fund, particularly the protected mutual fund.

Selamat Sempurna allocated bond issuance jack-up production
Meanwhile, PT Selamat Sempurna Tbk, the producer of radiator and automotive filter, plans to allocate the fund of II/2010 bond issuance for the capacity rise of radiator production worth IDR120billion and debt restructuring of IDR180 billion.

Director and Corporate Secretary of Selamat Sempurna Ang Andri Pribadi said the bonds with 3, 4, 5 years tenure here are worth IDR300 billion. The company currently waits for the pre effective statement from Bapepam-LK for bond issuance here.

"We plan to add machine and equipment to increase aluminum radiator production which now has 1.2 million capacity into 1.9 million per year. The machinery and equipment have been ordered and would be operational by end of quarter III/2010," he said.

Andri said the company expected the soaring production will go along with the mounting sales so as to meet the revenue growth target of 19.94 percent from IDR1.37 trillion last year into IDR1.64 trillion this year. (Bisnis/fsi/08/iaa)

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