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Thursday, June 30, 2011

SMS Finance issue IDR50 bio MTN

BI/finance
29/6/2011
Irvin Avriano A.

SMS Finance issue IDR50 bio MTN

JAKARTA: PT Sinar Mitra Sepadan Finance (SMS Finance) issue IDR50 billion I/2011/A medium term notes (MTN) last week, a start of their IDR200 bio MTN issuance program this year.

"Our MTN issuance will be done gradually," said SMS Finance President Director Rudyanto Somawihardjo to Bisnis a few days ago.

He said the issuance will be affected by bank-loan disbursement that usually requested by their creditors that makes the multi-finance company MTN issuance have to be done carefully.

SMS Finance MTN burdened by 10.5% coupons a year that will be paid every three months. The 370 days MTN issuance helped by PT Andalan Artha Advisindo Sekuritas (AAA Securities) as the arranger.

Early this month, the company's rating downgraded by PT Fitch Ratings Indonesia from BBB+(idn) to BBB(idn) in the mid-June. The MTN issuance plan also carry BBB(exp)(idn) rating.

The company's shareholders consist of PT Padma Terang Sentosa 99.8% and FX Marcelius Charles Colondam 0.2%. Early this month, the company already pocketed loan facility from PT Bank Ina Perdana worth IDR100 bio.

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