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View all search resultsSurya Semesta offers Rp 900b bonds to build up capital
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The sign indicating Suryacipta City of Industry, developed by Surya Semesta Internusa, is seen at the main entrance to the industrial estate located in East Karawang, West Java. (Courtesy of http://www.suryainternusa.com//File)
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ublicly listed property developer Surya Semesta Internusa plans to issue three-year bonds totaling Rp 900 billion (US$68 million) to jack up its capital structure to reach the company's capital target of Rp 2 trillion.
Surya Semesta spokesperson Erlika Budiman said 90 percent of the proceeds would be disbursed to its subsidiary Suryacipta Swadaya to accelerate land procurement in Subang, West Java, which would be developed into industrial and residential estates.
“We will use the other 10 percent of the proceeds to strengthen our subsidiaries and pay consultants, underwriters, appraisers and legal fees,” Erlin said in an official statement in Jakarta on Monday.
The A series bonds have a three-year maturity worth Rp 510 million with a 9.8 percent coupon, while the five-year B series bonds worth Rp 390 million offer 10.5 percent.
Mandiri Sekuritas and Indo Premier Securities are acting as joint lead underwriters for the bond issuance.
The debt securities will be officially listed on the Indonesian Stock Exchange (IDX) on Sept 21. (rez/ags)
