PT J Resources Asia Pasifik Tbk (PSAB) has issued Continuous Bonds I Phase VII of 2021, with a principal amount of up to IDR 384.09 billion.
Edi Permadi, Corporate Secretary of PSAB, said that the bonds were part of Sustainable Public Offering of PSAB Sustainable Bonds I, with a target of IDR 3 trillion funds to be raised. Through this offering program, the company had issued bonds amounting to IDR 756 billion in 2019 and IDR 1.86 trillion in 2020.
In this phase VII, IDR 384.09 billion of bonds were issued in two series. Series A was offered at IDR 250.1 billion with an interest rate of 9.25% per annum, and a tenor of 370 calendar days from the date of issuance. Meanwhile, the remaining IDR 133.99 will be guaranteed with the best effort.
Permadi explained, as much as IDR 300 billion of funds, from the issuance of these bonds, would be channeled in the form of debt by PSAB to its subsidiary, PT J Resources Nusantara (JRN). Furthermore, JRN would use the debt facility to pay off Medium Term Notes IV Phase I. “The rest will be used for working capital and/or for JRN general corporate purposes,” said Permadi through the bond issuance prospectus.
For information, PSAB has an idA rating from Indonesian Securities Rating Agency (Pefindo) for the issuance of these bonds. The company has also appointed PT Trimegah Sekuritas Indonesia Tbk (TRIM) as the underwriter for the issuance of bonds, and PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) as the trustee.