IDXChannel - PT TBS Energi Utama Tbk (TOBA) plans to issue bonds with a maximum principal amount of IDR 500 billion. These bonds consist of two series, Series A and Series B.
TBS Director Juli Oktarina said the Series A Bonds offer a coupon indication between 8.25 per cent - 9.25 per cent. Meanwhile, Series B Bonds offer coupon indications between 9.25 per cent-10.25 per cent, which will be paid quarterly.
As for the term of the bonds offered, Series A Bonds have a 3-year term and Series B Bonds have a 5-year term.
Juli said the company has been rated by Pefindo and received an idA/Stable (Single A) rating. The bonds are planned to receive an effective statement from the Financial Services Authority (OJK) on 23 February 2023 and enter the public offering period on 27-28 February 2023.
Allotment will be set on 1 March 2023 and the estimated date for refunding the subscription and electronic distribution of the bonds will be 3 March 2023.
For this bond issuance, the company appointed two underwriters, namely PT Mandiri Sekuritas and PT Sucor Sekuritas, and also appointed PT Bank Mega Tbk as Trustee.
Juli Oktarina ensured that the company has a positive growth track record for both assets and equity, where both have grown more than 2x in the last 5 years.
"We have proven our ability to execute projects and transform from being a coal company, to an energy company and now to an Integrated Energy company that focuses on sustainability," said Juli, Thursday (2/2/2023).
In addition to the bond offering, TBS also conveyed its positive financial performance. Based on the audit results, it showed significant growth in terms of revenue, net profit, assets, equity and cash position.
SVP of Corporate Finance & Investor Relations of TBS, Mirza Hippy said, discipline in financial management has produced positive results for financial ratios both liquidity, profitability and credit profile.
The company managed to record solid and positive sales, EBITDA, profit and operating cash flow in 2022 supported by the operation of PLTU assets in Gorontalo and North Sulawesi.
"We managed to book an increase in revenue by 64 per cent, EBITDA by 95 per cent and Operating Cash Flow by 148 per cent. This is supported by the increase in coal prices and also the operations of the two PLTU assets that have begun to fully operate in 2022," said Mirza.
Liquidity ratios also showed a positive trend where Cash Ratio and Current Ratio increased to 135 per cent. Profitability also showed a positive trend with an increase in EBITDA margin of up to 47 per cent supported by an increase in the average selling price of coal for both mining and trading.
"We also continue to continue good debt management where the value of the company's debt has been reduced as shown by the reduction in Debt to Equity Ratio and also an increase in payment capability (Interest Payment Coverage) increased to 51 per cent (Audited)," he concluded. (RRD)
