Media company owned by local tycoon, Hary Tanoesoedibjo, PT Global Mediacom Tbk (IDX: BMTR) plans to releases bonds and SUKUK Ijarah with total amount of Rp1 trillion to pay the debt, said the company yesterday - Photo: Privacy

JAKARTA (TheInsiderStories) – Media company owned by local tycoon, Hary Tanoesoedibjo, PT Global Mediacom Tbk (IDX: BMTR) plans to releases bonds and SUKUK Ijarah with total amount of Rp1 trillion (US$68.49 million) to pay the debt, said the company yesterday. Earlier, the issuer announced to issue as many as 700 million new shares in this month via a private placement scheme with indicated price Rp200 a share.

The company plans to pay off its 2017 bonds and SUKUK ijarah worth of Rp400 billion which will mature on Sept. 19, 2020. The bonds will be offered in three series with tenures 370 days and a coupon range of 9.75 – 10.75 percent, three-years tenure with a coupon 10.25 – 11.25 percent, and a five-years tenure with a coupon around 11 – 12 percent.

At the same time, Global Mediacom also issued SUKUK ijarah worth of Rp300 billion also with same tenures. These bonds have received A and A (sy) ratings from PT Pemeringkat Efek Indonesia and has appointed PT BNI Sekuritas, PT MNC Sekuritas and PT Sucor Sekuritas as joint lead underwriters.

The initial offering period for the bond issuances is carried out starting yesterday until August 27 and an effective statement from the Financial Services Authority is expected to be obtained on August 31. The public offering period is targeted to be held on Sept. 2 – 4, the allotment period on Sept. 7, and listing on the Indonesia Stock Exchange on Sept. 10.

Global Mediacom is the holding company of PT Media Nusantara Citra Tbk (IDX: MNCN) and PT MNC Vision Networks Tbk (IDX: IPTV). The current shareholders of the issuer are PT MNC Investama Tbk (IDX: BHIT) amounting to 49.94 percent and public 50.06 percent.

Currently, the issuer was sued for bankruptcy by South Korean firm, KT Corporation in the Central Jakarta District Court. The company offers Free-To-Air TV services and multimedia content, as well as online portals, newspapers, magazines, radio and broadband Internet services.

The provider also has media related to businesses that support its core focus, such as talent management and advertising agencies. The main contributors to revenue are PT Media Nusantara Citra Tbk (IDX: MNCN) around 63 percent and a media subscription based company, PT Sky Vision Networks around 29 percent.

The media provider is the parent company or controlling shareholder of Media Nusantara Citra as much as 57 percent. The unit is the holding company of MNC Group media companies such as RCTI, Global TV, Inews, Sindonews, Trijaya FM and other platforms.

US$1: Rp14,600

Written by Editorial Staff, Email: theinsiderstories@gmail.com