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Pupuk Indonesia to issue $169m worth of bonds

first_imgThe bonds will be issued in three series: the A series bonds have a tenure of three years with a coupon rate of 6.25 percent to 7.50 percent, the B series have a tenor of five years and a rate between 7 percent and 8.30 percent, while the C series will mature in seven years with a rate of 7.50 percent to 8.75 percent. The coupon payments will be made quarterly. Read also: House approves $10.32b stimulus for state companiesRating agency Fitch Ratings Indonesia has assigned a national long-term rating of AAA (idn) for Pupuk Indonesia’s Rp 8 trillion bond program, as well as its first issuance under the program, as stated in a rating action commentary published on July 15. The triple-A rating is the highest rating assigned by the agency, which indicates the lowest expectation of default risks relative to other obligations in the country. Indonesian rating agency Pemeringkat Efek Indonesia (Pefindo), on the other hand, has assigned the company a rating of idAAA, Pefindo’s highest rating, and said in a press release published on March 26 that the outlook for the company’s corporate rating was stable. “The corporate rating reflects the strong support Pupuk Indonesia has received from the government, given its important role in providing and distributing subsidized fertilizer in the country,” analysts Niken Indriarsih and Umar Harreddy said in the press release. Pupuk Indonesia finance director Indarto Pamoengkas said during the press conference that the pandemic had adversely affected the company’s sales but it was still able to record growth during the health crisis.“As of May, we saw a 10 percent annual increase in revenue,” Indarto said. Read also: Indonesia raises record high $1.27b from retail bonds saleAccording to Pupuk Indonesia’s statement published following the press conference, the company’s net profit grew 11.7 percent year-on-year (yoy) to Rp 1.6 trillion from Rp 1.43 trillion during the January-May period. Its revenue from the sales of commercial fertilizer rose by 38.35 percent to Rp 7.54 trillion as the volume of the commercial fertilizer sold soared by 47.45 percent to 2.01 million tons. Meanwhile, the company reported that the sale of its subsidized fertilizer or public service obligation (PSO) product from January to May amounted to 3.93 million tons. In 2019, the company booked a net profit of Rp 3.71 trillion, down by 11.9 percent from 2018’s net profit of Rp 4.12 trillion. Its total sales and other revenue, including from products sold and subsidy reimbursements from the government, amounted to Rp 71.31 trillion, up 2.68 percent yoy. Topics :center_img State-owned fertilizer holding firm PT Pupuk Indonesia will be offering bonds worth Rp 2.5 trillion (US$169 million) as part of a funding diversification strategy, a company executive has said. The bond offering is the first phase of the shelf registration of conventional bonds (PUB) II for 2020 with a total value of Rp 8 trillion and is scheduled for Aug. 14 to 18. “We are planning to use the proceeds to refinance our loans, either for the holding company or its subsidiaries. This is part of the company’s strategy to diversify external funding, aside from banks,” Pupuk Indonesia president director Aas Asikin Idat said during a virtual press conference on Monday. last_img read more

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Gov. Wolf and First Lady Frances Wolf Join Philabundance for Grand Opening Event

first_img First Lady Frances Wolf,  Press Release Governor Tom Wolf and First Lady Frances Wolf today joined local elected officials for the grand opening celebration of the Philabundance Community Kitchen (PCK). The 20,000 square foot facility is PCK’s first location in its 20-year history not shared with another entity.“In a year that has contained a great deal of hardship, it is wonderful to have the opportunity to celebrate a new beginning,” Gov. Wolf said. “Nothing could be more appropriate than celebrating with the Philabundance community. Philabundance has remained a steadfast partner in my administration’s commitment to ensuring that every Pennsylvanian has access to plentiful, nutritious food.”PCK is a 16-week culinary training and life skills program, providing opportunities to adults with no- to low income who need not just a job, but a second chance at life. PCK promotes the self-sufficiency of its students by preparing them for and connecting them to work in the food service industry and allows them to give back by preparing meals for those in need.The proceeds of PCKatering, PCK’s social enterprise, benefit students, graduates and neighbors facing hunger.At its height during COVID, PCK was providing up to 4,500 additional meals per week. These meals are distributed to a range of community agencies, including outreach meals for Project Home, the City of Philadelphia, a temporary shelter in Kensington, the Woodstock Shelter in North Philadelphia, the Hub of Hope and Federation Housing.The Wolf Administration has lodged a concerted, multi-agency effort to help those in need of food during this pandemic. Many Pennsylvanians who never required food assistance found themselves in need during these unprecedented times. Food pantries, food banks, and organizations across the state sought help to make food available and accessible.Before the COVID-19 pandemic began, more than 1.53 million Pennsylvanians experienced chronic hunger every day, including about 437,000 children.According to new projections from Feeding America, the pandemic has helped push that number to more than 2 million Pennsylvanians, including nearly 630,000 children.Feeding Pennsylvania member food banks have reported significant increases in the need for food assistance in their communities, with an average 65 percent increase in demand.“We know that emergency feeding efforts are just one part of a comprehensive food security strategy, and proactive, empowering programs such as PCK truly help attack the issue of hunger right at its roots, with results stretching across generations,” First Lady Frances Wolf said. “We are thrilled to celebrate the program’s monumental growth and the possibility that it represents.”Philabundance received $2 million in RACP funds to construct the 19,960 square foot, free-standing facility that includes 10,000 square feet of space for production and a training kitchen – both USDA certified; office and classroom space; locker rooms; ample storage and refrigeration; and flexible community space.As the largest hunger relief organization in the Delaware Valley, Philabundance plays an essential role in helping Pennsylvanians weather the COVID-19 crisis.“We are still fighting the COVID-19 pandemic, we are still trying to keep our case numbers down, still waiting for a vaccine,” Gov. Wolf said. “But in the past several months we have also reopened the commonwealth. We have begun to explore a new way of living life in Pennsylvania.“And so, it is a great pleasure for me and Frances to join in celebrating the grand opening of the Philabundance Community Kitchen’s new facility. PCK is a place that understands new beginnings and second chances.” SHARE Email Facebook Twitter September 22, 2020center_img Gov. Wolf and First Lady Frances Wolf Join Philabundance for Grand Opening Eventlast_img read more

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