COUNTRY REPORT JAPANfor sukuk tranches of Rp358bn, Rp399bn,
Rp149bn, Rp34bn and Rp60bn for 370 days,
three, five, seven and 10 years.
The interest on the bonds will be paid
quarterly.
CIMB, DBS Vickers, Indo Premier, Mandiri and
Maybank Kim Eng Sekuritas are lead arrangers
for the bond offering.
The books opened on September 13 and
will close on September 27.
The funds raised will be used for
network-related capital expenditure.
Fitch Ratings Indonesia has assigned a
AAA rating to the note.
› SMF FIXES YIELD FOR DUAL TRANCHER
SARANA MULTIGRIYA FINANSIAL has cut in half to
Rp1trn the size of a planned dual-tranche
domestic bond offering.
The state-owned mortgage lender is
eyeing Rp548bn from a one-year tranche
at 8.25% and Rp338bn from a three-year
portion at 8.7%, according to a filing on the
Indonesia Stock Exchange.
It is planning to raise an additional
Rp114bn on a best effort basis.
BNI Sekuritas, Danareksa, Indo Premier
Sekuritas, Mandiri and Trimegah Sekuritas are
lead arrangers for the issue.
Pefindo has assigned a AAA rating to the
bonds.
SYNDICATED LOANS
› TITAN INFRA ENERGY LAUNCHES LOAN
TITAN INFRA ENERGY has launched a US$450m
five-year loan.
Bank Mandiri, Bank CIMB Niaga and Credit
Suisse are the mandated lead arrangers,
bookrunners and underwriters of the
financing, which offers an interest margin
of 575bp over Libor and has an average life
of 3.64 years.
MLAs committing US$50m or more
will receive an all-in pricing of 602.47bp
via a 100bp management fee, while lead
arrangers committing US$25m–$49m will
obtain an all-in pricing of 596.98bp via an
80bp fee. Arrangers joining with US$10m–
$24m will get an all-in pricing of 594.23bp
via a 70bp fee. The deadline for responses is
November 14.
Funds are for general corporate purposes
and the acquisition of a coal mining firm.
The borrower operates as an energy
infrastructure and logistics company in
Indonesia.
› PLN INCREASES DEBUT DOLLAR LOAN
State-owned electricity utility PERUSAHAAN
LISTRIK NEGARA (PERSERO) has increased its
debut foreign-currency loan to US$1.62bn
from a US$1.5bn target after attracting 13
banks in general syndication.
ANZ, Bank of China Hong Kong, Citigroup,
Mizuho Bank, OCBC, Sumitomo Mitsui Banking
Corp and United Overseas Bank were the
mandated lead arrangers and bookrunners
of the borrowing, which comprises a five-
year amortising term loan tranche A and a
three-year revolving credit facility tranche
B.
The deal offers a top-level all-in pricing of
107.87bp (offshore) or 117.87bp (onshore)
for lenders participating in tranche A only
and a blended top-level all-in pricing of
105.8bp (offshore) or 115.8bp (onshore) for
participation in both tranches.
Tranche A pays an interest margin of
92.32bp (offshore) or 102.32bp (onshore)
over Libor and has an average life of 4.18
years, while tranche B pays 75bp (offshore)
or 85bp (onshore) and has an average life of
2.83 years.
The deal was re-launched into the market
in August as the borrower had to change
some of the terms, including a change-of-
control covenant.
Funds are for capital expenditure and
general corporate purposes.
PLN is a frequent borrower in the bond
markets and a sponsor/offtaker of project
financings in Indonesia.
For full allocations, see http://www.ifrasia.com.› BFI FINANCE SOUNDS FOR LOANBFI FINANCE INDONESIA is in talks with
relationship banks for a new-money loan.
The size of the facility is yet to be
determined, but the tenor is likely to be
three years.
Last October, BFI Finance raised a
US$125m three-year facility. MUFG,
Standard Chartered and Sumitomo
Mitsui Banking Corp were the mandated
lead arrangers and bookrunners of that
financing, which offered a top-level all-in
pricing of 160bp based on an interest
margin of 140bp over Libor and an average
remaining life of 1.625 years.
Established in 1982, BFI Finance, a
provider of leasing and consumer finance
services, is 42.8%-owned by the Trinugraha
Capital consortium, which includes global
private equity firms TPG and Northstar
Group.EQUITY CAPITAL MARKETS
› MAP ACTIVE HIRES BANKS FOR SHARE SALEMAP AKTIF ADIPERKASA (MAP Active), an
Indonesian sports goods retailer backed by
CVC Capital Partners, has hired DeutscheBank and UBS to manage a US$200m–$300m
share sale, people with knowledge of the
transaction said.
More banks are likely to join the
transaction.
The sale is likely next year but no firm
timeline has been fixed. MAP Active shares
are currently in Jakarta listed but the its
free float is just 1.65%.
CVC Capital declined to comment.
MAP Active is a unit of Jakarta-listed
Mitra Adiperkasa, which runs the
Topshop, Marks & Spencer, Sogo and Seibu
department stores in Indonesia.
MAP Active has over 850 shops in the
country selling sports and children goods
from local and international brands such
Adidas, Converse, Levi’s, Hasbro, Reebok
and Timex.
Indonesia’s equity capital market has
come to a standstill since the second
quarter as a result of weak stock prices
and the depreciation of the rupiah. In May
Wahana Vinyl Nusantara and state-owned
Wijaya Karya Realty put IPOs on hold, as
did Barito Pacific for a share placement.JAPAN
DEBT CAPITAL MARKETS
› SMFG, SMBC RAISE DOLLARSSUMITOMO MITSUI FINANCIAL GROUP last
Wednesday priced a US$2.5bn senior bond
offering in three parts.
A US$1bn fixed-rate five-year bond priced
at Treasuries plus 92bp, while a US$850m
five-year floater priced at three-month
Libor plus 80bp. Guidance was Treasuries
plus 95bp area, plus or minus 3bp, and the
equivalent spread over Libor.
A US$650m fixed-rate 10-year priced
at Treasuries plus 112bp, the tight end of
guidance of 115bp area, plus or minus 3bp.
Initial price thoughts for the five-year
notes were Treasuries plus 115bp area
and the equivalent spread over Libor, and
Treasuries plus 135bp area for the 10-year.
The notes came flat to or inside fair
value, according to a note from Nomura’s
sales and trading desk, which put fair value
for the 2023s at Treasuries plus 95bp, and
112bp for the 2028s.
The senior unsecured notes were SEC-
registered and are expected to be rated
A1/A– (Moody’s/S&P). They will count
towards TLAC as they are issued from the
holdco.
SMBC Nikko, Goldman Sachs, Barclays and
Citigroup were bookrunners.