Sinar Mitra increases bond issuance into IDR200 billion

as published in Bisnis Indonesia daily newspaper

Wednesday, 09/12/2009 00:00 WIB

Sinar Mitra increases bond issuance into IDR200 billion

JAKARTA: PT Sinar Mitra Sepadan Finance (SMS Finance) increases the number of I/2009 bond issuance into IDR200 billion from early plan of IDR100 billion.

"The company has time up to end of the month to get effective statement from Bapepam-LK," said President Director of SMS Finance Rudyanto Sumawihardjo to Bisnis yesterday.

Timeframe to get statement here is due to the fact that the company uses semester I finance statement. Bapepam-LK regulation restricts would-be emitters to use the finance report of two quarters behind at maximum.

The company uses the service of PT Andalan Artha Advisindo Sekuritas (AAA Securities) as the underwriter.

PT Sarana Multigriya Finansial extended a total of IDR350 billion bond book building up to this weekend.

"It will be extended up to weekend," said Corporate Secretary of Sarana Multigriya Finansial Eko Ratrianto.

The company plans to use 90 percent of the funds generated from bond issuance to channel loans in refinancing program. The rest will be allotted for asset-backed securities (EBA) from the securitization of the issued BTN housing loan (KPR).

Meanwhile, PT Multi Nitrotama Kimia also potentially increases bond and sharia bond I/2009 issuances from IDR370 billion into IDR400 billion.

Basd on press release of PT Pemeringkat Efek Indonesia (Pefindo), the bond emitter has bond issuance chance worth IDR300 billion at maximum and sharia bond worth IDR100 billion. Formerly, the company planned to issue IDR270 billion bonds and IDR100 billion sharia bond in public expose.

The bond and sharia bond ratings are set at A- level with stable prospect.

Analyst of Pefindo Vonny Widjaja and Niken Indriarsih said the rating reflecting the lucrative product and market, high corporate market shares with high entry obstacle, and integrated activities.

Finance and Administration Director of Multi Nitrotama Aulia M. Oemar failed to respond to any phone call, and so did to short message service.

The company set the schedule of pricing and book building up to December 11, and expected to get effective statement from Bapepam-LK on December 22. in notes issuance the company is assisted by PT Trimegah Securities Tbk NS PT Indo Premier Securities.

Corporate bond analyst of Trimegah Securities Octavianus Bramantya said there are some factors strengthening the corporate position in bond issuance which was not owned yet by the company long term debt.

The company thus is expected to lure huge amount of lending would it lack of maximum absorption in the bonds. (Bisnis/21)