Oct 27, 2010

Adira Finance upsizes bond to Rp2 trio

Publicly listed PT Adira Dinamika Multi Finance Tbk (Adira Finance) upsized the emission value of bonds IV/2010 to Rp2 trillion from Rp1, 5 billion due to high demand for debt securities of the company.
Finance Director and Compliance Director of Adira Finance I Dewa Made Susila said that the bonds is oversubscribe as much as 1.7 times so that the company raise the value of its emissions.
"Our bonds is oversubscribed up to 1.7 times from the original target of IDR1, 5 trillion, so thevalue were raised to Rp2 trillion," said I Dewa Made.
The bonds that received double A rating with a stable outlook PT Pemeringkat Efek Indonesia was offered during the offering period from September 30 to October 13 2010. There were as much as five series of bonds offered during the period.
For the Series A bonds worth of Rp229 billion with an 18 months tenor the interest coupon of 7.60%. Series B amounting to Rp238 billion with a 24 months tenor and the interest coupon of 8.25%, while Series C amounting to Rp577 billion has a 30 months tenor and 8.70% of interest coupon.
As for the Series D amounted Rp284 billion with a 36 months tenor and a coupon interest of 9%, and Series E of Rp672 billion with 48 months tenor and the interest coupon of 9.25%.
According to I Dewa, the company has obtained the approval from the capital market regulator on October 21 last week. He revealed the major of bond investors who absorbed the bonds are mutual fund companies with a total investment of Rp666 billion or 33% of the total issued bonds.
The two sectors namely the pension fund with an investment of Rp451 billion or 23%, and banks reach Rp395.5 billion or 20%, insurance companies absorbed Rp372 billion, or 19%, and the rest were absorbed by securities firms, foundations, syndication, and individual investors.
"Most of our bonds investors are local investors," he said.
Disclosure: No position at the stock mentioned above.  

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