Promoters Khubilal Jugraj Rathod and
Vimalchand Jugraj Rathod are the vendors
of the secondary shares.
The company earned total income of
Rs5.8bn in the financial year that ended
on March 31 2018 versus Rs4.3bn in 2017,
while profit after tax fell to Rs493m from
Rs502m.
Axis Capital and Edelweiss are the
bookrunners.
INDONESIA
DEBT CAPITAL MARKETS
› JABABEKA INTL SEEKS CONSENT
JABABEKA INTERNATIONAL, the Dutch arm of
Indonesia’s Kawasan Industri Jababeka,
is seeking consent from bondholders to
absorb its finance unit Jababeka Finance.
Bondholders of the US$300m 6.5%
senior notes due 2023 will receive a
consent fee of US$2.50 per US$1,000 in
principal amount of the notes to allow
the merger, which is taking place because
of regulatory changes in the Netherlands
and Indonesia.
The consent is due by 5pm New York
time on December 19.
Standard Chartered Bank and UBS are
solicitation agents.
The industrial estate developer issued
US$189.15m of the notes in 2016 following
an exchange offer for US$260m 7.5% bonds
due 2019, and tapped them a year later to
raise the total size to US$300m.SYNDICATED LOANS
› BRI MANDATES 12 FOR US$700M LOANBANK RAKYAT INDONESIA has mandated 12 banks
for a financing of up to US$700m.
The lenders are: Citigroup, Commerzbank,
CTBC Bank, Cathay United Bank, DBS Bank,
HSBC, Mizuho Bank, MUFG, Sumitomo Mitsui
Banking Corp, Standard Chartered, United
Overseas Bank and Wells Fargo.
The facility, which will be used for
general corporate purposes, is expected to
comprise one, three and four-year tenors.
The deal will be pre-funded by the leads
and launched into general syndication early
next year.
The state-owned financial institution last
raised a US$550m loan in December 2015.
ANZ, Bank of America Merrill Lynch, BNP
Paribas, Citigroup, CTBC, DBS, HSBC, OCBC
Bank, SMBC, UOB and Westpac Banking
Corp originally clubbed the new-money
facility, which attracted 19 new lenders in
syndication.
The 2015 loan has a US$325m 3.5-year
tranche A, a US$155m four-year tranche
B and a US$70m five-year tranche C. Thefacility offered a top-level all-in pricing of
142.2bp, 150.33bp and 160.23bp, based
on fees of 104bp, 116.25bp and 128.25bp,
for tranches A, B and C, respectively. The
respective pricing levels are based on
margins of 110bp, 119bp and 133bp over
Libor and remaining lives of 3.25, 3.75 and
4.75 years for each of the tranches.› BTN ATTRACTS MORE THAN A HANDFULMore than a handful of lenders will join
BANK TABUNGAN NEGARA’s US$100m loan, which
is expected to be increased in size.
ANZ is the sole mandated lead arranger
and bookrunner of the deal, which pays a
top-level all-in pricing of 80bp and 100bp
for offshore and onshore participation,
respectively, based on interest margins of
65bp and 85bp.
Funds are for general corporate purposes.
Operating under the name Bank BTN,
the Indonesian financial institution was
founded in 1897 and listed on the Jakarta
Stock Exchange in 2009.› WASKITA KARYA SIGNS DOWNSIZED LOANIndonesian state-owned developer WASKITA
KARYA has signed a smaller-than-planned
Rp1.8trn (US$125m) five-year facility as
lenders battle currency volatility.
Sumitomo Mitsui Banking Corp was the sole
mandated lead arranger and bookrunner
of the amortising financing, which was
reduced from an initial size of Rp3trn as
the volatility of the Indonesian rupiah
prevented some lenders from getting credit
approvals on time. The transaction will still
be available for late joiners via an accordion
feature for six months.
The loan, which was signed on
December 4, attracted three lenders in
general syndication. Bank Permata joined
as a lead arranger with Rp500bn, while
Bank Resona Perdania and Bank Shinhan
Indonesia came in as arrangers, taking
Rp200bn and Rp100bn, respectively. The
remaining amount of Rp1trn goes to
SMBC.
The facility offered a top-level all-in
pricing of 258.88bp based on an interest
margin of 250bp over Jibor and an average
life of 3.375 years.
Funds are for general corporate purposes.
The transaction is secured by accounts
receivable of some of the company’s
projects.
The borrower raised a Rp5trn five-year
loan with eight lenders joining in general
syndication in September. SMBC was also
the sole MLAB on the deal, which paid a
top-level all-in pricing of 287.95bp based
on a margin of 277bp over Jibor and a 3.65-
year average life.Top bookrunners of Indonesian rupiah bonds
1/1/18 – 30/11/18
Amount
Name Issues Rp(m) %
1 Danareksa 15 3,857,922.6 7.5
2 Bank Negara Indonesia 14 3,800,531.0 7.3
3 Indo Premier Sec 17 3,547,589.3 6.9
4 Bank Mandiri 13 3,338,231.0 6.5
5 Deutsche 2 3,000,000.0 5.8
6 Mandiri SARL 3 2,654,166.7 5.1
7 Bahana Sec 7 2,546,131.0 4.9
8 Citigroup 3 2,216,500.0 4.3
9 Trimegah Sec 10 2,064,355.0 4.0
10 JP Morgan 2 1,883,166.7 3.6
Total 49 51,776,693.5
*Market volume
Proportional credit
Source: Refinitiv data SDC Code: AS9
Top bookrunners of Indonesia syndicated loans
1/1/18 – 30/11/18
Amount
Name Deals US$(m) %
1 Bank Mandiri 10 1,478.3 12.7
2 Bank Central Asia 7 1,158.4 10.0
3 CIMB Group 10 739.7 6.4
4 SMFG 10 714.2 6.1
5 OCBC 6 682.7 5.9
6 Standard Chartered 11 678.9 5.8
7 ANZ 9 678.1 5.8
8 MUFG 6 624.6 5.4
9 Citigroup 6 513.7 4.4
10 Mizuho 3 505.8 4.4
Total 31 11,638.2
Based on market of syndication and market total
Proportional credit
Source: Refinitiv data SDC Code: S11b
Indonesia global equity and equity-related
1/1/18 – 30/11/18
Amount
Name Issues US$(m) %
1 Citic Sec 4 324.4 16.8
2* BNP Paribas 1 246.0 12.8
2* Nomura 1 246.0 12.8
4 Bank Mandiri 5 130.7 6.8
5 UOB 6 95.1 4.9
6 Ciptadana Sec 2 84.2 4.4
7 Morgan Stanley 1 74.3 3.9
8 Danareksa 3 71.5 3.7
9 Danatama Makmur 3 66.1 3.4
10 Credit Suisse 2 64.9 3.4
Total 49 1,927.5Source: Refinitiv data