Indofood Agri - Considering Issuing bond by Stefanus Darmagiri?

Wednesday, July 22, 2009

Salim Ivomas Pratama, 90% owned by Indofood Agri Resources (IFAR) is exploring the possibility of issuing rupiah-denominated bonds amounting to about Rp1.0 trillion. The company plans to use the proceeds to refinance its existing debts. However, whether the bond issuance will materialise or not will depend on market conditions.

We believe the bond issuance is meant to refinance the company's short-term loans. This is in line with the company's strategy of increasing the long-term loan portion while reducing the short-term loan portion. As of 1Q09, about 41% of the company's loans were short-term loans and 59% were long-term loans.

Maintain BUY on Indofood Agri Resources.


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