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POWR Takes Over Subsidiary's Debt Worth US$547 Million, No Negative Impact Occur
Public News|September 03, 2019
Jakarta, September 3, 2019 - The US$547 million senior debt issued by Listrindo Capital BV, a subsidiary of PT Cikarang Listrindo Tbk (POWR), has been officially taken over by POWR.
According to POWR’s Corporate Secretary, Christanto Pranata, the takeover of the debt was approved by the bondholders on August 29, 2019. Christanto also said that supplementary indentures were signed on the same date to realize the changes that have been approved by the bondholders.
"This action does not have a negative material impact on the Company's operational, legal, financial condition or business continuity. On the other hand, this action has a good effect, ”he explained in an official statement as quoted by Investor Daily, Tuesday (3/9).
As known, Listrindo Capital BV issued an US$550 million global bonds on September 13, 2016. These bonds have coupon of 4.95% and will mature in 2026. As of August 14, 2019, the principal amount of these bonds is US$547 million.
Meanwhile, the addition of the bonds to POWR has been recorded in the Company’s liability position in the Company's consolidated financial statements. As of June 2019, total liabilities were US$663.7 million, a slight decrease compared to the position on December 31, 2018 of US$668.54 million.
In June, the international rating agency Standard and Poor's (S&P) raised the POWR bond rating from BB to BB+. According to the management, the Company is in exact one rank towards the investment grade. Currently, the BB+ rating is the Company’s highest achievement.
With the results of the S&P ranking, the Company has become the third highest rated company in the category of non-SOE by Standard and Poor's rating agency, after PT Astra International Tbk and PT Profesional Telekomunikasi Indonesia.
Meanwhile, for the category of non-investment ranking, POWR was ranked the top of all non-SOE companies by S&P. This Issuer, who engaged in the electricity sector, has a good prospect in line with the improving of the Indonesian economy.
S&P considered that the POWR’s net debt to EBITDA ratio of 1.6 times deserves a better debt rating. In addition, the ratio of the ability to pay fixed costs (FCCR) of 7.8 also indicates the feasibility of its debt rating. These two indicators are far beyond the requirement according to the Bond Indenture.
S&P projected that the Company's performance will remain strong because of its financial performance capabilities with a maintained leverage level and implementation of efficient operational within the next 12 to 18 months
As of the first semester of 2019, POWR has booked a net profit of US$55.4 million, a jump of 37.2% compared to the same period in last year of US$40.3 million. Along with that, net sales increased by 3.3% to US$288 million in the first half of 2019, from US$278.7 million. This achievement was supported by a growth in industrial estates demand by 4.2% during January to June 2019.
Sources: Ipot News (English version translated by the Company)