PT Indofood CBP Sukses Makmur Tbk (ICBP), subsidiary of Indonesia's largest instant noodle maker PT Indofood Sukses Makmur Tbk (INDF), plans to pay IDR4.12 trillion loan to its share holder.
ICBP will mainly use proceed from initial public offering (IPO) to pay its debt, most of them to the share holder.
In total, Indofood CBP booked IDR5.18 trillion debt. In the 1Q 2010, Indofood CBP has bank loan facility worth IDR1.25 trillion and US$53 million. It has used IDR604.29 billion and US$50 million.
Indofood CBP booked IDR4.34 trillion sales in 1Q 2010, IDR586.86 billion operating profit, and IDR368.07 billion net income.
Post IPO, Indofood Sukses Makmur will control 80% stakes in Indofood CBP and the remaining belongs to public share holders.
Indofood CBP plans to offload 1.16 billion shares or 20% during the IPO scheduled on October 7 2010. The company plan to use 70%-80% of the IPO proceed to pay its debt, mainly to the share holder and 20%-30% will be used to fulfill working capital.
Indofood CBP has mandated PT Kim Eng Securities, PT Credit Suisse Securities Indonesia, PT Deutsche Securities Indonesia, and PT Mandiri Sekuritas as the IPO lead underwriters.
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