PT Kawasan Industri Jababeka Tbk through its subsidiary, Jababeka International B.V, issued 5-year tenor bonds amounting to US$175 million with 11.75% coupon rates.
Previously, Standard & Poor’s rating Services (S&P) has assigned long-term rating of B+ to bonds to be issued by PT Kawasan Industri Jababeka Tbk (KIJA).Moreover, the rating agency also set rating and axBB Asean scale to KIJA with stable prospect.
Standard & Poor's Ratings Services said today that its ratings on KIJA and US$175 million senior unsecured notes are not affected by revisions in the bond covenants in the offering documentation.
Previously, Standard & Poor’s rating Services (S&P) has assigned long-term rating of B+ to bonds to be issued by PT Kawasan Industri Jababeka Tbk (KIJA).Moreover, the rating agency also set rating and axBB Asean scale to KIJA with stable prospect.
Standard & Poor's Ratings Services said today that its ratings on KIJA and US$175 million senior unsecured notes are not affected by revisions in the bond covenants in the offering documentation.
The revisions to the bond covenants include: (1) amortization of the bond from the third anniversary at 5% semiannually until the bond is fully paid off; (2) an additional incurrence test to the fixed charge ratio of 3x, consolidated debt-to-EBITDA ratio of less than 4x; and (3) lower permitted debt levels for the Bekasi Power project and for general use.
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