Thursday, 03/06/2010 00:00 WIB
Matahari prepares IDR1.9 trillion for bond buyback
Irvin Avriano A.
JAKARTA: PT Matahari Putra Prima Tbk prepares IDR1.9 trillion in the escrow account in anticipation of bond payment upon the full payment of the quarter I/2010 bank loans.
Matahari's financial report March 31, 2010 shows the emitter has a total of IDR1.23 trillion bank loans. The figure consists of loans provided by PT Bank CIMB Niaga Tbk worth IDR240 billion, PT Bank International Indonesia Tbk IDR500 billion, PT Bank Negara Indonesia Tbk IDR360 billion, and HSBC IDR135 billion.
The report also mentions that the company had paid all the outstanding debts.
Director of Matahari Danny Kojongian when asked conceded the debt payment here.
The company now has included the remaining debt payment worth IDR1.9 trillion into escrow account which might be used at anytime when bond holders need to sell their bonds to the company.
"We are still open to any investor who needs to sell their bond back to us. We will not use the fund for other posts based on the commitment to investors and public," he said yesterday.
Danny said the remaining budget in the escrow account comes from the divestment cash of 90.76 percent business unit stocks of PT Matahari Department Store Tbk worth IDR5.3 trillion cut by the allotment of expenditure and debt payment.
With the management action, PT Pemeringkat Efek Indonesia (Pefindo) withdrew the status creditwatch negative implication rating prospect from bond and sukuk rating of Matahari.
Bond rating prospect is on the stable level.
The III/2009 bond rating and II/2009 sukuk of Matahari stand a total of IDR528 billion is confirmed on the level of A+ and A+(sy). (Bisnis/iaa)