Dec 21, 2010

Danareksa launches IDR500 billion bonds

The state-owned company PT Danareksa (Persero), parent of brokerage PT Danareksa Sekuritas, today unveils a plan to raise Rp500 billion from bonds issuance scheduled in January 2011.
As mentioned in the bonds prospectus publshied today, Danareksa will issue 5-year bonds in two series, 3-year A series and 5-year B series.
The bonds, which are not secured by assets, will allow Danareksa to buyback within 1 year after it distributed the bonds to investors.
Danareksa's bonds have secured idA rating with stable outlook from famed rating agency PT Pemeringkat Efek Indonesia (Pefindo).
Three lead underwriters Danareksa Sekuritas, PT Mandiri Sekuritas, and PT Trimegah Securities Tbk will arrange the bonds issuance.
According to the prospectus, Danareksa will use 66% of the proceed to refinance Rp330 billion existing bonds IV and III  with maturity in April and June 2011 respectively.
The company will utilize 20% of the proceed as capital paid-in to its newly subsidiary dubbed PT Danareksa Capital, while the remaining will be allocated as short term investment in the stock and bond markets.
As of June 2010, Danareksa posted Rp241.75 billion operating revenue, Rp59.74 billion operating income, and Rp46.83 billion.

Disclosure: No position at the stock mentioned above.

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