AKR to issue bonds worth up to Rp 2t

By Thomas Sembiring

IDX-listed logistics and fuel distribution company PT AKR Corporindo Tbk plans to issue bonds worth up to Rp 2 trillion in two stages, of which the first Rp 1 trillion expected to be issued in June of this year.

AKR Director Suresh Vembu told Petromindo.com on Monday that the proceeds from the bonds issuance will be used to help finance working capital requirement particularly for fuel and basic chemicals distribution business.

The first Rp 1 trillion bonds issue will have two tenors, five and seven years, with indicative coupon for the five-year tenor of 8.5-9.25 percent, and for the seven-year tenor 8.75-9.5 percent, he explained.

AKR has appointed PT Indo Premier Sekuritas, PT BCA Sekuritas, PT CIMB Sekuritas Indonesia and PT Mandiri Sekuritas as lead underwriters of the bond issue, which as obtained idAA- rating from PT Pefindo.

Book building process was scheduled on May 8-22, and effective approval from the OJK financial sector authority is expected on June 2, in the hope that the bond offering to be made on June 6-8, and listed on the Indonesia Stock Exchang on June 14.

Editing by Reiner Simanjuntak