Barito Pacific Owned By Conglomerate Prajogo Pangestu Issues IDR 750 Billion Bonds, Gets IdA Rating From Pefindo

JAKARTA - The company owned by conglomerate Prajogo Pangestu, PT Barito Pacific Tbk (BRPT), will issue Shelf-Registered Bonds II Phase II Year 2022 worth Rp750 billion. The proceeds from the bond issuance will be used for refinancing the company's loan.

Based on the prospectus, quoted on Friday, March 18, the petrochemical company plans to issue Shelf-Registered Bonds II Phase II in three series, namely Series A amounting to Rp. IDR 440.9 billion with a fixed interest rate of 9.5 percent for a five-year term, and Series C of IDR 123.5 billion with a fixed interest rate of 10.5 percent per year for a period of seven years.

These bonds are part of the Barito Pacific Shelf-Registered Bonds II Public Offering with a target fund of IDR 1.5 trillion. BRPT had previously issued Shelf-Registered Bonds II Phase I Year 2021 worth Rp750 billion.

Shelf Registration Bonds II Phase II BRPT has received an idA or Single A rating from PT Pemeringkat Efek Indonesia (Pefindo). Acting as the implementing guarantor of the bond issuance are PT BNI Sekuritas and PT BCA Sekuritas, and the trustee is PT Bank Tabungan Negara (Persero) Tbk.

The public offering period of Barito Pacific's bonds will take place on March 25-28 2022, followed by the allotment date on March 29, 2022, as well as refunds for ordering and distribution of bonds electronically on March 31, 2022. Furthermore, the listing of bonds on the Indonesia Stock Exchange is scheduled for April 1, 2022. .

Previously, the company's subsidiary, namely PT Chandra Asri Petrochemical Tbk (TPIA) has completed the sustainable public offering program (PUB) III for rupiah bonds worth a total of IDR 5 trillion. Currently, Barito Pacific controls 38.46 percent of TPIA shares, of which 34.54 percent is owned directly and 3.92 percent indirectly through Marigold Resources Pte Ltd.

Chandra Asri has carried out PUB III phase I in 2020 amounting to IDR 1 trillion, phase II in 2020 amounting to IDR 600 billion, phase III in 2021 amounting to IDR 1 trillion, phase IV in 2021 amounting to IDR 1 trillion, and phase V in 2022 amounting to IDR 1.4 trillion.

Phase V issuance in 2022 recorded the largest ever pre-order and oversubscription, which was IDR2.5 trillion (178 million US dollars), with a new record for the largest single-stage issuance by Chandra Asri of IDR1.4 trillion (100 million). US dollars).

It is also listed as one of the longest tenors for a private company, with credit repayments of up to 10 years on competitive and attractive terms.