(PLAN) JASA MARGA TO ISSUE RP1 TN BOND FOR REFINANCING
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(PLAN) JASA MARGA TO ISSUE RP1 TN BOND FOR REFINANCING
Jasa Marga (JSMR) will conduct a Rp1 tn bond issuance with a coupon of 9.85% and five years tenure. Around 70% of the proceed will be used to refinance its 2013 bonds while the remaining will be used to refinance parts of the company’s bank loan. This bond issuance is part of JSMR’s major plan to raise Rp5.95 tn from the bond market. The company’s bond granted an idea rating from Pefindo.
Comment: The maturing 2013 bonds entitled with coupon of only 8.7% while the maturing bank loan
has around 12.4% interest rate (3M deposit rate + 3.9%) resulting a blended interest cost of 9.81%,
hence there will be no impact on JSMR’s avg.interest cost. However, the coupon of current bond
issuance is much higher compared to last year’s bond issuance with similar maturity and amount
profile which entitled with only 8.9% coupon. JSMR is currently trading at 2015F PE of 23.4x.
*Source ciptadana daily research 3/09/2014
Comment: The maturing 2013 bonds entitled with coupon of only 8.7% while the maturing bank loan
has around 12.4% interest rate (3M deposit rate + 3.9%) resulting a blended interest cost of 9.81%,
hence there will be no impact on JSMR’s avg.interest cost. However, the coupon of current bond
issuance is much higher compared to last year’s bond issuance with similar maturity and amount
profile which entitled with only 8.9% coupon. JSMR is currently trading at 2015F PE of 23.4x.
*Source ciptadana daily research 3/09/2014
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