Indomobil Finance offer IV bond coupon 7.5%--11%

6/5/2011

Irvin Avriano A.

Indomobil Finance offer IV bond coupon 7.5%--11%

JAKARTA: PT Indomobil Finance Indonesia, a multi finance subsidiary from PT Indomobil Sukses Internasional Tbk, offered coupon for their IV/2011 bond at 7.5%--11% range.

Based on a source in debt capital markets, the company offered A tranche coupon at 7.5%--8.25% range, B tranche 9%--9.75%, C tranche 9.7%--10.4%, and D tranche at 10.25%--11% range. The A to D tranche tenured a year to 4 year, respectively.

"The issuer is more focused on 3 years and 4 years tenures, in other hand tranche with a year and 2 years tenures is not their priority," said the source yesterday.

The amount of bond that will offered are IDR500 billion, with a potential up size to IDR700 bio.

The company also have appoint four joint lead underwriters namely PT CIMB Securities Indonesia, PT Indo Premier Securities, PT Nikko Securities, and PT Kresna Graha Sekurindo Tbk.

Last weekend, PT Pemeringkat Efek Indonesia (Pefindo) upgrade the Indomobil Finance's company rating and for their existing and proposed bonds from idA- level to idA because the strengthening market position that supported by Indomobil Group. The rating outlook set at stable level.

In the Pefindo research, the support that caused upgrading rating came from their parent company, listed manufacturer Indomobil Sukses Internasional which shares coded IMAS in the stock market.

At the end of last year, the company's shares that commandeered by Jusak Kertowidjojo owned by Indomobil Sukses Internasional as 99% and the rest is PT IMG Sejahtera Langgeng.

Indomobil Finance established on November 1st 1993 to support two wheel vehicle, four wheel, trucks, and heavy equipment sales manufactured by Indomobil Group. The group is the two biggest company with vehicle licensed holder, vehicle sales distribution, after sales services,vehicle manufacturer, components manufacturer, and parts distribution.

Until last year, the company booked asset IDR2.49 trio, grow 45.93% from IDR1.7 trio on 2009. Their liabilities recorded rise 56.17% to IDR2.05 trio, their revenue jacked up 8.55% to IDR589.37 bio, and the net profit hike 17.34% to IDR48.11 bio.