JAKARTA – PT Medco Power Indonesia will issue Shelf-Registration Sukuk Wakalah I Phase IV Year 2025 worth IDR 1.15 trillion to repay several maturing bonds and bank loans due this year.

According to a brief prospectus cited on Friday (17/1), the entire proceeds from the sukuk wakalah will be used to, among other things, repay Bonds I Year 2018 Series C worth IDR 258 billion and Sukuk Wakalah I Year 2018 Series C valued at IDR 43 billion, both maturing on 4 July 2025. Additionally, it will be used to repay Sukuk Wakalah I Year 2023 Series A worth IDR 280 billion, which is set to mature on 4 August 2025.

The funds will also be used to repay Sukuk Wakalah I Phase II 2022 Series A of IDR 469.69 billion maturing on 30 December 2025 and settle a promissory note loan of IDR 80 billion to PT Bank Maybank Indonesia Tbk (BNII) maturing on 13 May 2025. The remaining funds will be allocated as working capital for the company.

The sukuk wakalah will be offered on 3-4 February 2025 in three series, fully guaranteed under a full commitment scheme. Series A offers IDR 101.89 billion with an equivalent wakalah yield of 7.75% per year for three years. Series B offers IDR 683.92 billion with a yield of 9% per year for five years, and Series C offers IDR 183 billion with a yield of 9.50% per year for seven years. Meanwhile, the remaining IDR 181.17 billion will be guaranteed on a best-effort basis.

The underwriters and their respective guarantee percentages are: PT BNI Sekuritas at 42.73%, PT BRI Danareksa Sekuritas at 24.0%, and PT Trimegah Sekuritas Indonesia Tbk (TRIM) at 33.07%, with PT Bank Mega Tbk (MEGA) serving as trustee. (LK/ZH)