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Chandra Asri Settles US$184.98 Million Global Bond

October 17, 2012 Bisnis Indonesia
PT Chandra Asri Petrochemical Tbk has settled the remaining senior guaranteed notes (bonds) issued by its subsidiary, Altus Capital Pte Ltd in Singapore worth US$184.98 million.

According to a written statement submitted to Indonesia Stock Exchange, Chandra Asri management announced the settlement and cancellation of US$184.98 million-worth guaranteed notes, including the coupon rate of 12.875%.

“On October 14, 2012, the principal amount of the outstanding bonds valued at US$184.98 million. On October 16, 2012, all bonds have been canceled since all bonds that have not been paid off have been bought, canceled or settled, we intend to terminate the bond registration from Singapore Stock Exchange, SGX-ST," the management said on Tuesday (10/16/2012).

Based on Bisnis record, the company has secured US$ 220 million loan with an interest rate of 6% and 7 years tenor for the global bond buyback.

The loan was obtained from the Bangkok Bank Public Company Limited, Jakarta Branch, and The Siam Commercial Bank Public Company Limited.

Previously, Suryandi said buybacks are done to reduce the bond interest burden borne by the company at 12.875%.

The bonds valued at US$230 million were issued through its subsidiary company, namely Altus Capital Pte Ltd on February 3, 2010. At the beginning of this year, the company have bought back some of its bonds.

The bonds were guaranteed by Chandra Asri and its affiliated companies, namely PT Styrindo Mono Indonesia and PT Petrokimia
Butadiene Indonesia.

The Company has appointed three financial institutions in Singapore, namely DBS Bank Ltd., Deutsche Bank AG, and HSBC Ltd. for joint deal managers for the offering and approval request. The Company and its subsidiaries have also appointed Lucid Issuer Services Ltd. as the tender agent and information provider.

Yesterday, the TPIA-coded stock price was closed stagnant at IDR2,500 per share and established its market cap at IDR7.67 trillion.
  • Status
    redeemed
  • Country of risk
    Indonesia
  • Redemption (put/call option)
    *** (***)
  • Amount
    230,000,000 USD
  • М/S&P/F
    — / — / —
  • Full name
    PT Chandra Asri Petrochemical Tbk (CAP)
  • Registration country
    Indonesia
  • Industry
    Chemical and petrochemical industry