JAKARTA. PT Provident Investasi Bersama Tbk (PALM), an investment holding company of Saratoga Group, will issue the Shelf-Registration Bond II Phase II Year 2024 worth IDR 1.25 trillion.

For this second phase issuance, PALM offers IDR 654.63 billion of principal, guaranteed in full commitment, split into two series. The total principal of series A is IDR 452 billion, with a fixed interest rate of 8% and tenor of 367 days. The series B will be offered for IDR 202.63 billion, with a fixed interest rate of 9.75% and tenor of 3 years.

“The remaining principal of the offered bond, a maximum of IDR 595.36 billion, will be guaranteed with best effort,” said the management of PALM.

The public offering of this bond will take place on March 13-14, 2024, followed by the listing of the bonds on Indonesia Stock Exchange (IDX) on March 20, 2024.

The management of PALM also mentioned that approximately IDR 1.09 trillion of bond issuance proceeds will be utilised to advance the payment of principal of a loan owed to United Overseas Bank (UOB) Limited. The remaining will be used for expanding its investment portfolio.

According to IDNFinancials data, PALM reported total equity of IDR 2,83 trillion as of November 30, 2023. Thus, the value of this upcoming bond is equal to 44.2% of its total equity. (KR/ZH)