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Tuesday, June 15, 2010

PTPN VII start issues MTN

Irvin Avriano A.

PTPN VII start issues MTN

JAKARTA: PT Perkebunan Nusantara (PTPN) VII start issues their II/2010 medium term notes (MTN) with total worth IDR500-700 billion this week.

Based on PT Kustodian Sentral Efek Indonesia (KSEI) website from early this week to today, the debt-notes emitters has issues two tranches from the series, namely A tranche that issued in 11 June worth IDR50 bio, and B tranche that issued in 14 June worth IDR200 bio.

The coupon has been set for 9% per annum for each tranches that tenured for a year.

PT Bahana Securities Director Andi Sidharta, as the single underwriter of the issuance, can not explain the details of the bond at the time.

"But the issuance will take action in several tranche, depends on the emitter's needs," he told the press on Monday.

In a rating research on June 3rd, PT Pemeringkat Efek Indonesia (Pefindo) Analyst Niken Indriarsih told that the issuance will give the emitters fund to replanting program.

In those research, Pefindo affirms A+ ratings for PTPN VII. But the rating outlook already revised into negative level from stable level because of the increasing leverage concerns.

The ratings itself reflected the natural CPO and rubber stable demand and well diversification of its products. But the rating also constrained by the leverage, high supply of CPO and rubber from external plantations, price fluctuation, and unpredictable climate.

The company already have outstanding bond I/2004 worth IDR10 bio and MTN I/2009 worth IDR300 bio. Both debt issuance will mature in January and March 2011.


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