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Wednesday, May 4, 2011

FIF succesfully raised IDR3 trio

BI/financial
4/5/2011
Irvin Avriano A.
Bisnis Indonesia

FIF succesfully raised IDR3 trio

JAKARTA: PT Federal International Finance (FIF), an Astra Group motorcycle-electric house ware financing company, successfully lifted their XI/2011 bond issuance amount to IDR3 trillion.

The matter was announced in Indonesia Central Securities Depository (PT Kustodian Sentral Efek Indonesia/KSEI) last weekend.

FIF finally upsized the issuance from formerly IDR2.66 trillion, while the rest is depends on best effort mechanism from its underwriters. The mechanism enable the emitters to cancel the upsize if the demand from potential investors can not reach the supply needs.

The total IDR3 trio bond divided into three tranches, namely IDR621.5 bio for A tranche tenured a year, IDR480 bio for B tranche, and C tranche IDR1.89 trio.

Previously, the company set the initial allotment of A tranche amounting to IDR616 bio with 7.8% coupon. IDR1.57 trillion for 9.6% C tranche, IDR480 bio for the 8.8% B tranche.

One of the PT Astra International Tbk subsidiary already use services from six lead underwriters, a much numbers for investment banking business, and a big challenge to gain a margin for the securities companies.

The joint lead underwriters namely PT HSBC Securities Indonesia, PT Mandiri Sekuritas, Indo Premier Securities, PT Danareksa Sekuritas, PT NISP Sekuritas, and PT Kresna Graha Sekurindo Tbk.

The other investment banking house that also already participate on the issuance are PT OSK Nusadana Securities Indonesia, PT Minna Padi Investama, and PT Nusantara Capital Securities.

The bond already listed in the Indonesia Stock Exchange (IDX) on April 27th.

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