JAKARTA. PT Steel Pipe Industry Of Indonesia Tbk (ISSP), a steel pipe manufacturer widely known as Spindo, plans to issue two sets of securities with a total principal of IDR 405 billion.

The issued securities are Shelf-Registration Bonds II of Spindo Phase I Year 2023 of IDR 250 billion and Shelf-Registration Sukuk Ijarah II of Spindo Phase I Year 2023 of IDR 155 billion.

For the record, these bonds are a part of the public offering program of Shelf-Registration Bonds II of Spindo with a total target raised funds of IDR 500 billion, similar to how the sukuk ijarah is also a part of the Shelf-Registration Sukuk Ijarah II of Spindo with a total target of IDR 500 billion.

This upcoming first phase of bonds will be available in three series, with the highest coupon rate of 10% per annum and the longest tenor of 5 years. Meanwhile, the first phase of sukuk ijarah issuance will offer the highest ijarah yield instalment of IDR 13.4 billion and the longest tenor of also 5 years.

The electronic distribution of bonds and sukuk of Spindo is scheduled to take place tomorrow (4/4). The listing of the bonds and sukuk in Indonesia Stock Exchange (IDX) will then follow on April 5, 2023.

For this round of issuance, Spindo has assigned PT Indo Premier Sekuritas and PT BCA Sekuritas as the underwriters. (KR/ZH)