JAKARTA - Sinar Mas Group paper producer PT Oki Pulp & Paper Mills (OPPM) listed bonds and sukuk worth IDR 3 trillion on the Indonesia Stock Exchange on Monday, November 7.
OPPM will issue Bond III Oki Pulp & Paper Mills in 2022 with a maximum principal amount of IDR 3 trillion, with details of bonds of IDR 2.12 trillion and sukuk of IDR 885.86 billion.
The 2022 OKI Pulp & Paper Mills Bond III consists of Series A (OPPM03A) with a nominal value of IDR 305.55 billion with a tenor of 370 days; Series B (OPPM03B) with a nominal value of IDR 1.74 trillion for a period of 3 years; Series C (OPPM03C) with a nominal value of IDR 74.57 billion for a period of 5 years.
The 2022 OKI Pulp & Paper Mills Sukuk Mudharabah II consists of Series A (SMOPPM02A) with a nominal value of IDR 627 billion for a period of 370 days; Series B (SMOPPM02B) with a nominal value of IDR 255.18 billion for a period of 3 years; and Series C (SMOPPM02C) with a nominal value of IDR 3.67 billion for a period of 5 years.
Around 60 percent of the proceeds from the bond offering will be used to pay off the company's debts in the form of principal payments, principal installments, and/or interest. The rest will be used for the company's working capital consisting of the purchase of raw materials, production auxiliary materials, energy and fuel, packaged goods, and overhead costs.
Likewise, 60 percent of the proceeds from the sukuk offering will be used for the Company's business activities to replace funds sourced from OPPM debt. Meanwhile, about 40 percent will be used for working capital which consists of, among others, the purchase of raw materials, production auxiliary materials, energy and fuel, packaged goods, and overhead costs.
"If the proceeds from the Public Offering are insufficient, the shortfall will be financed with the Company's internal cash flows and/or loans from banks or other financial institutions," OPPM wrote in the prospectus.
These bonds and sukuk have received ratings from PT Pemeringkat Efek Indonesia (Pefindo) with the respective ratings being idA+ (single A Plus) and idA+ (sy) or single A plus sharia.
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OPPM has appointed 6 securities companies as Implementing Underwriters (PPE), namely PT Aldiracita Sekuritas Indonesia, PT BCA Sekuritas Indonesia, PT BNI Sekuritas, PT Indo Premier Sekuritas, PT Mandiri Sekuritas, PT Sucor Sekuritas, and PT Trimegah Sekuritas Indonesia Tbk.
As for the Trustee is PT Bank KB Bukopin Tbk. Based on IDX data, the total issuance of bonds and sukuk that have been recorded throughout 2022 is 113 issuances from 71 issuers worth IDR 140.88 trillion.
With this recording, the total issuance of Bonds and Sukuk listed on the IDX amounted to 519 emissions with an outstanding nominal value of IDR 461.78 trillion and US$47.5 million, issued by 126 issuers.
There are 177 series of Government Securities (SBN) listed on the IDX with a nominal value of IDR 5,130.74 trillion and USD 438.31 million. EBA as many as 10 emissions worth IDR 3.11 trillion.
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