Jun 27, 2011

TAF Services upsizes bonds to Rp1.2 trio

PT Toyota Astra Financial Services (TAF Services), a joint venture company between PT Astra International Tbk and Toyota Financial Services Corporation, lifts its bonds issuance target by almost double to Rp1.2 trillion to strengthen its working capital.
In a prospectus published today, the company will be offering three series bonds, namely Series A amounting to Rp595 billion with 7.85% of coupon rate and 370 days in tenure and Series B worth Rp121 billion with 9% of coupon and 24 months days in tenure. The remaining bonds is Series C amounting to Rp484 billion with 36 months in tenure and 9.50% coupon rate.
PT Pemeringkat Efek Indonesia, an Indonesia-based credit rating agency, has assigned idAA- to the bonds. The company appointed PT Trimegah Securities Tbk, PT HSBC Securities Indonesia, and PT Indo Premier Securities as its bond underwriters. Meanwhile, PT Bank Rakyat Indonesia acted as a trustee.
The offering period will last three days starting tomorrow, whilst the allotment is scheduled on July 5, 2011 and the listing at the Jakarta Stock Exchange is targeted on July 8, 2011.
The company’s liabilities reached Rp7.15 billion as of December 31, 2011 and the asset was Rp8 trillion. Toyota Astra Financial Services booked a 43.09% revenue increase to Rp989.90 billion last year from Rp691.78 a year earlier. Meanwhile, the net income soared almost double to Rp152.09 billion from Rp81.24 billion.

Disclosure: No position at the stock mentioned above.

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