|
Consumer finance firm PT Summit Oto Finance (SOF) will issue
Rp 1 trillion (about US$108 million) in bonds to increase its working
capital for motorcycle loans this year.
The bonds will be divided into three series: the A series worth Rp 300
billion with a two-year maturity, B series worth Rp 350 billion with a
30-month maturity and the C series worth Rp 350 with a three-year
maturity, president director Djohan Marzuki said Wednesday.
The yield on each bond would be based on the yields of FR02 government
bonds, plus a spread of between 20 and 35 basis points, FR02 and FR10
plus a spread of between 20 and 40 basis points, and FR10 plus a spread
of between 20 and 40 basis points.
The company's bonds are scheduled to be listed on the Surabaya Stock
Exchange on March 8, with bookbuilding to take place between Jan. 31
and Feb. 5.
The bonds, whose issuance is being managed by PT Citigroup Securities
Indonesia and PT DBS Vickers Securities Indonesia, will be on offer to
the public from Feb. 28 to March 2, and their allotment will take place
on March 7.
Djohan said that the company, a local subsidiary of the Sumitomo
Corporation, earned total revenues of Rp 946 billion, including net
income of Rp 120 billion, in 2006.
"We are targeting an increase in revenue to Rp 144 billion this year in
line with the increasing demand for motorcycles and the improvement in
macroeconomic conditions," he said Tuesday.
Djohan said he expected that the company would extend motorcycle loans
worth Rp 5.6 trillion this year, up 25 percent from last year.
"In 2006, we financed the sales of 420,000 motorcycles and this year we
expect to finance 520,000 motorcycles," he said.
|
