PGN Pays Off Bonds Of US Dollars Owned By Saka Energi

Photo: Doc. PGN

JAKARTA - PT Perusahaan Gas Negara Tbk paid off the bonds issued in the United States (US) dollar denomination. The company has paid off the bonds issued by its subsidiary, PT Saka Energi Indonesia (SAKA).

SAKA has paid off bonds worth 156 million US dollars on May 5, 2024. This senior debt letter was issued by SAKA on May 5, 2017 with a period of 7 years on the Singapore Exchange (SGX) with a total value of 625 million US dollars.

In 2022, in line with the company's strategy to increase business efficiency, SAKA paid off part of the debt securities amounting to USD 248,787,000. The move continued in 2023 with a repayment of USD 220 million.

The source of this SAKA bond repayment fund comes 100 percent from internal cash. This repayment will not have an impact on SAKA and PGN liquidity," explained PGN Corporate Secretary Rachmat Hutama, May 14.

In addition to SAKA bonds, PGN will also pay off the debt securities issued by the company worth US$397 million on May 15, 2024. The Unsecured Fixed Rate senior, which was issued on May 12, 2014, worth US$1.35 billion, matured on May 16, 2024.

Previously, PGN had also partially paid off the debt securities recorded at the Singapore Exchange Securities Trading Limited, each amounting to 400 million US dollars in 2022 and then in 2023 it was worth 553,291,000 US dollars

"This PGN bond release uses a combination of internal and external funding according to the plan budgeted in the 2024 company's RKAP. Bank of New York Mellon acts as Trustee of these bonds," added Rachmat.

Rachmat said that the completion of the USD bond repayment issued by PGN and SAKA is expected to strengthen the sustainability of PGN's business in the future. As a gas subholding, PGN has a strategic role in realizing the energy transition program that has been established by the government.