Chandra Asri Builds New Factory
Chandra Asri Builds New Factory. Chandra Asri Petrochemical, Tbk (TPIA) has recently issued IDR750Bn in bonds with an interest rate of 9.5% p.a. These bonds have been list on the Indonesia Stock Exchange (IDX) on 31 May 2019 ago. President Director of TPIA, Erwin Ciputra said the funds raised from this bond will be used to finance the construction of the Methyl Tert-butyl Ether (MTBE) and Butene-1 projects which are planned to operate at 3Q20. As for this development to spread the company’s revenue source and maintain leadership in Indonesia’s growing petrochemical market.
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This bond receive a rating of idAA- from the Indonesian Securities Rating (Pemeringkat Efek Indonesia, Pefindo) with the conclusion of the TPIA capacity in fulfilling its long-term financial commitment to debt security, as oppose to other very strong debtors. Not long ago the global rating agency S&P Global Ratings also announce the increase of TPIA’s long-term debt ratings from B+ to BB- with stable outlook. The BB- ranking increase from S&P also applies to a company’s USD300Mn owned unsecured bond.
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As for this debt letter will be due on 29 May 2022 upcoming. This bond is the second tranche of the Shelf Registered Bond II Chandra Asri Petrochemical with emissions targets worth IDR2Trn. As for the first tranche the company has issue bonds worth IDR500Bn with a interest rate of 10% on 20 December 2018. The fall will take place on 19 December 2021. From the financial performance side TPIA seems still not fully recover on this 1Q19. Because both the top line and bottom line performance of the company book negative growth.
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Referring to the company’s financial statements, until the end of March 2019, total revenues receive by the company shrink 20.58% compare to 1Q18. TPIA’s revenue on 1Q19 record USD552.22Mn or equivalent IDR7.89Trn (assuming the rate of IDR14.286/USD). The management of the company conveys that revenues fall due to lower average selling prices especially for chemical products such as olefins, polyolefins, and styrene monomer.