PT Mulialand, Sierad raise $107m in loans
JAKARTA (JP): PT Mulialand and PT Sierad Produce received a total of US$107 million in syndicated offshore loans yesterday.
PT Mulialand, a large publicly-listed company involved in property and construction, raised $85 million in loans yesterday from issuing its floating rate notes.
Haryanto Thamrin, Mulialand's director, said after signing the agreement on the notes that all the funds would be used to finance the Taman Anggrek condominium project, which belongs to its subsidiary, PT Mulia Intipelangi.
"We are also going to issue bonds worth Rp 100 billion (US$43.7 million) on the local market to finance the Taman Anggrek project," Haryanto said, adding that the bonds can be paid within a five-year period.
"From the issuance of the floating rate notes and the bonds, about Rp 300 billion will be used to finance the project," he said.
Haryanto explained that the notes, which carry an annual interest rate of 2.5 percent above the London Inter-Bank Offered Rate, will mature in September 1997.
"The issuance of such notes could be a breakthrough in the property sector, especially because the notes have sold-out overseas," Haryanto said.
Anthony Loh, managing director of Peregrine Fixed Income Ltd., a lead manager of the notes, said the notes were listed on the Singapore and the Luxembourg stock exchanges.
Aside from Peregrine Fixed Income, the other lead managers of the deal were Societe Generale Asia Limited, BRI Finance Limited and Hyundai International Merchant Bank.
The co-lead managers were the Agricultural Bank of China Singapore branch, Bank Bumiputra Malaysia Berhad Singapore branch, Hanmi Leasing & Finance (HK) Limited, Korea Long Term Credit Bank and Public Bank (L) Ltd., while the managers of the deal were Cho Hung Leasing & Finance (HK) Ltd., Bank of Commerce (L) Limited, KEB Leasing & Finance Limited, UMBC International Bank (L) Ltd., Asiana (HK) Finance Limited and Niaga Finance Company Limited.
Haryanto said that his company projects a net profit of Rp 90 billion and net sales of Rp 181 billion this year.
As of last December, PT Mulialand recorded total assets of Rp 1.2 trillion, up from Rp 969 billion as of December 1993, while its after-tax profit increased to Rp 77.23 billion last year from Rp 25.92 billion in 1993.
PT Mulialand is 65.37 percent owned by PT Muliasentra Gunaswakarya, 28.02 percent by PT Muliamustika Tataindah and 6.61 percent by the investing public.
Sierad
Meanwhile, PT Sierad Produce, a subsidiary of PT Anwar Sierad, also received yesterday a syndicated credit facility of $22 million from Rabobank Asia Limited Singapore, PT Rabobank Duta Indonesia Jakarta, Sakura Merchant Bank Singapore, The Sanwa Bank Limited Singapore, Societe Generale Singapore and PT LTCB Central Asia Jakarta.
President of the Sierad Group, Budiardjo Tek, said yesterday that the facility carries annual interest of 1.125 percent above Singapore Inter-Bank Offered Rate, which currently stands at 6 percent per annum, and will mature in three years.
The facility, he said, would be used for working capital and investments for Wendy's fast-food outlets.
Anwar Sierad, which is listed on the Jakarta Stock Exchange, operates an integrated poultry and down-stream food businesses.
Last year, the group's operations were limited to day-old chick (DOC) breeding, poultry feed production, dressed chicken production and poultry equipment distribution.
It will start new operations this year, including hydroponic vegetables, value-added food production, fishmeal production, animal pharmaceutical manufacturing and fast-food franchising of Wendy's.
Budiardjo said that hydroponic vegetables and value-added food products will be in the market in the near future while fishmeal and animal pharmaceutical production will start in the fourth quarter of this year.
He said that ten Wendy's outlets are scheduled to be opened in 1995 and another 20 next year.
Anwar Sierad's total assets as of 1993 were recorded at Rp 642.2 billion and its after-tax profits at Rp 13.8 billion. (31/pwn)