Jan 18, 2012

Astra Sedaya sets coupon 6.6%-9.25%

PT Astra Sedaya Finance (ASF), a subsidiary of PT Astra International Tbk (ASII), has set a coupon range between 6.6% to 9.25% on its Rp2 trillion bonds.
Several sources said ASF has determined a 6.6%-7.1% coupon range for 1-year bonds, 7,6%-8.25% for 3-year bonds, and 8.6%-9.25% for 5 year bonds.
ASF aims to raise Rp8 trillion via several stages of bonds issuance. In the first stage, ASF is seeking Rp2 trillion proceed from the rupiah denominated bonds.
The bonds, which have been rated idAA+ by local rating agency PT Pemeringkat Efek Indonesia (Pefindo) with a stable outlook, will be used as working capital of vehicle financing.
To underwrite the bonds, ASF has mandated a consortium of seven investment banks including PT CIMB Securities Indonesia, PT Dinamika Usaha Jaya, PT HSBC Securities Indonesia, PT Indo Premier Securities, PT Kim Eng Securities, PT Mandiri Sekuritas, and PT Standard Chartered Securities Indonesia.
In an official prospectus published today, ASF is estimated to list the bonds at Indonesia Stock Exchange on February 22 2012.
As of 9 months 2011, ASF posted Rp2.23 trillion revenue and Rp470 billion net profit compared to Rp1.77 trillion revenue and Rp374 billion net profit.
ASF is owned by PT Garda Era Sedaya with 37.50%, Astra International with 37.50%, and PT Sedaya Multi Investama with 25%.
Djony Bunarto Tjondro and Gunawan Geniusahardja are acting as president director and president commissioner at Astra Sedaya Finance respectively.

Disclosure: No position at the stock mentioned above.

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