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PT. Tunas Financindo Sarana (Tunas Finance), a consumer
finance company, is to offer its fourth bond, worth Rp 500 billion, in
February 2007, the proceeds of which will be used for working capital.
"The bond issue proceeds will form part of our targeted Rp 2 trillion
in capital for consumer loans in 2007," PT Tunas Finance executive
director Halim Gunadi told reporters during a media briefing Thursday.
The bonds will be divided into three series. The Bond A series, worth
Rp 200 billion and with a maturity of 370 days, the B series, worth Rp
100 billion and with a maturity of two years, and the C series, worth
Rp 200 billion and with a maturity of three years.
The yield of each bond will be based on the average yields of
government bonds FR 005, FR 002 and FR 010, which will serve as
benchmarks and are due to be issued on Jan. 19, 22 and 23 respectively.
Tunas will offer the bonds from Feb. 7 to 9, and they will be listed on
the Surabaya Stock Exchange on Feb. 15.
PT Standard Chartered Securities Indonesia, PT Danareksa Sekuritas and
PT Lauthandana Securindo will manage the issue.
Up to the end of September 2006, Tunas Finance had channeled Rp 1.3
trillion in consumer finance loans, with 46 percent being for new car
purchases, 34 percent for used car purchases and 20 percent for
motorcycle purchases.
Halim said that in 2007 the company planned to allocate 40 percent of
its loans to new cars, 40 percent to used cars and 20 percent to
motorcycles.
The interest rates the company charges range between 13 and 15 percent
for new cars, 17 and 20 percent for used cars, and 24 and 26 percent
for motorcycles.
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