Inalum Obtains US $ 4 M Freeport Stock Acquisition Funding
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PT Inalum (Persero) obtained funding worth US $ 4 billion through a global bond offering to acquire 51% of PT Freeport Indonesia's shares. This means that the Mining Industry Holding canceled a loan from a syndicate of foreign banks to buy Freeport shares.
PT Freeport Indonesia's
Based on the information, Inalum conducted a roadshow on global bond offerings since the end of October to a number of countries, namely Singapore, Hong Kong, the United States, and finally to London. Even though it has not been officially released to the market, the sale of these bonds has been oversubscribed.
The global bond offered has four tenors. In particular, debts worth US $ 1 billion with a tenor of 3 years, US $ 1.25 billion with a tenor of 5 years, US $ 1 billion with a tenor of 10 years, and US $ 750 million with a tenor of 30 years.
While the interest rates are 5.5%, 6%, 6, S7% and 7.37% respectively. The global bond has received a Baa2 rating from Moody's and BBB rating agencies from the Fitch Ratings agency.
For Joint Global Coordinators (JGC) banks in this bond are BNP Paribas, Citi, and MUFG. While banks acting as Joint Book Runners (JBR) are BNP Paribas, CIMB, Citi, Maybank, MUFG, SMBC Nikko, and Standard Chartered.
Joint Global Coordinators (JGC) banks
An Investor Daily source said that Inalum will use the funds to acquire Freeport Indonesia shares. Inalum canceled using a syndicated loan from foreign banks to buy Freeport shares worth US $ 3.85 billion.
Global Bond
"Good is more expensive because there is a tendency for interest rates to rise. While bonds do not need to pay the principal installments. Only pay interest and can be republished if it is due, "he said.
The source said Inalum will officially announce the global bond issuance on November 15 in Singapore.
"Later on November 15 when the money goes to Inalum. This is pricing, "he said.
When confirmed about this global bond issuance, Inalum Head of Corporate Communications Rendi Ahmad Witular had not given an explanation. However, Rendy Had mentioned that the global bond issuance was one of the funding sources for Freeport's acquisition simulated by his party.
"It is still being simulated," Rendy said at the end of last October.
Previously, Inalum did have a number of funding options, including the syndication of eight foreign banks. But Inalum continued to carry out simulations to get the right injection of funds. In November, Inalum is targeting the Freeport divestment funding to be obtained. Furthermore, no later than the end of this year, the divestment transaction will be completed.
Divestment of Freeport Shares is one of the points of negotiation between the government and Freeport. The negotiation, which began in February 2017, contains other points of discussion, namely the extension of operations until 2041, the construction of smelters, certainty of investment, and increased state revenues.
All points of negotiation are unity. That is, all points must be agreed upon. In August 2017 a general agreement was reached between the government and Freeport. Both parties then discussed in detail the points of the negotiation. Later the details of the agreement will be included in the attachment to the Freeport Special Mining Business (IUPK).
Biggest Gold Mine Freeport Indonesia
The mining company from the United States was indeed willing to release the Contract of Work (KK) and switch to IUPK. It's just that Freeport requested that the IUPK issued later have investment and legal certainty as in KK. One desired certainty regarding the continuity of operations until 2041.
However, last week, Freeport Indonesia spokesman Riza Pratama revealed, his party had not received an extension guarantee until 2041. Although the government had stated that it gave a 2x10 year extension.
"It has been agreed but not documented," he said.
Rendi previously revealed that the payment of Freeport shares worth US $ 3.85 billion could be delayed if one of the negotiating points had not been settled. However, he affirmed that the delay in the transaction clause was not listed in the Sales and Purchase Agreement (SPA) along with other related agreements between Inalum, Freeport McMoRan Inc., and PT Rio Tinto Indonesia signed on September 26 yesterday.
"(It's the nature of negotiations), one unit," he said.
IN INDONESIAN
Inalum Peroleh Pendanaan Akuisisi Saham Freeport US$ 4 M
PT Inalum (Persero) memperoleh pendanaan senilai US$ 4 miliar melalui penawaran Surat utang global (global bond) untuk mengakuisisi 51% saham PT Freeport Indonesia. Hal ini berarti Holding lndustri Pertambangan itu batal mengajukan pinjaman dari sindikasi perbankan asing untuk membeli saham Freeport.
Berdasarkan informasi disebutkan Inalum melakukan roadshow penawaran global bond sejak akhir Oktober ke sejumlah negara yakni Singapura, Hongkong, Amerika Serikat, dan terakhir ke London. Meski belum resmi dilepas ke pasar, penjualan surat utang ini sudah oversubcribe.
Adapun global bond yang ditawarkan itu memiliki empat tenor. Rincinya, surat utang senilai US$ 1 miliar dengan tenor 3 tahun, US$ 1,25 miliar dengan tenor 5 tahun, US$ 1 miliar dengan tenor 10 tahun, serta US$ 750 juta dengan tenor 30 tahun.
Sementara bunganya berturut-turut yakni 5,5%, 6%, 6,S7%, dan 7,37%. Global bond tersebut sudah mendapatkan rating Baa2 dari lembaga pemeringkat Moody`s dan BBB dari lembaga Fitch Ratings.
Untuk bank Joint Global Coordinators (J GC) dalam obligasi ini adalah BNP Paribas, Citi, dan MUFG. Sementara perbankan yang bertindak sebagai Joint Book Runner (JBR) adalah BNP Paribas, CIMB, Citi, Maybank, MUFG, SMBC Nikko, dan Standard Chartered.
Sumber Investor Daily menyebutkan, Inalum akan menggunakan dana tersebut untuk mengakuisisi saham Freeport Indonesia. Inalum batal menggunakan pinjaman sindikasi perbankan asing untuk membeli saham Freeport senilai US$3,85 miliar.
“Baik lebih mahal karena ada kecenderungan suku bunga akan naik. Sedangkan bond tidak perlu bayar cicilan pokok. Hanya bayar bunga dan bisa diterbitkan kembali jika jatuh tempo,” ujarnya.
Sumber itu menyebutkan Inalum secara resmi akan mengumumkan penerbitan global bond tersebut pada 15 November di Singapura.
“Nanti 15 November waktu uang-nya masuk ke Inalum. Ini kan pricing,” ujarnya.
Ketika dikonfirmasi tentang penerbitan global bond ini, Head of Corporate Communications Inalum Rendi Ahmad Witular belum memberi penjelasan. Namun, Rendy Sempat menyebut bahwa penerbitan global bond merupakan Salah satu Sumbers pendanaan akuisisi Freeport yang disimulasikan oleh pihaknya.
“Masih disimulasikan,” ujar Rendy pada akhir Oktober lalu.
Sebelumnya, Inalum memang memiliki Sejumlah opsi pendanaan, diantaranya sindikasi delapan perbankan asing. Namun Inalum terus melakukan Simulasi untuk mendapatkan suntikan dana yang tepat. Pada November ini memang ditargetkan pendanaan divestasi Freeport diperoleh Inalum. Selanjutnya, paling lambat akhir tahun ini, transaksi divestasi tersebut rampung.
Divestasi Saham Freeport merupakan salah satu poin negosiasi antara pemerintah dengan Freeport. Negoisasi yang dimulai sejak Februari 2017 lalu itu memuat poin pembahasan lain yakni perpanjangan operasi Sampai 2041, pembangunan smelter, kepastian investasi, serta peningkatan penerimaan negara.
Keseluruh poin negoisasi itu bersifat saru kesatuan. Artinya, harus seluruh poin disepakati. Pada Agustus 2017 memang sudah tercapai kesepakatan umum antara pemerintah dan Freeport. Kedua belah pihak pun kemudian melakukan pembahasan secara detil mengenai poin-poin negosiasi itu. Nantinya detil kesepakatan akan dimasukkan ke dalam lampiran lzin Usaha Pertambangan Khusus (IUPK) Freeport.
Perusahaan tambang asal Amerika Serikat itu memang bersedia melepas Kontrak Karya (KK) dan beralih menjadi IUPK. Hanya saja Freeport meminta IUPK yang diterbitkan nanti memiliki kepastian investasi dan hukum seperti dalam KK. Salah satu kepastian yang diinginkan mengenai keberlangsungan operasi hingga 2041.
Namun pada pekan lalu, Juru bicara Freeport Indonesia Riza Pratama mengungkapkan, pihaknya belum mendapat jaminan perpanjangan hingga 2041. Meskipun pemerintah sudah menyatakan memberi perpanjangan bertahap 2x10 tahun.
“Sudah disepakati tapi belum terdokumentasi,” ujarnya.
Rendi sebelumnya mengungkapkan, pembayaran saham Freeport senilai US$3,85 miliar bisa tertunda bila salah satu poin negosiasi belum diselesaikan. Namun, dia menegaskan klausul penundaan transaksi ini tidak tercantum dalam Sales and Purchase Agreement (SPA) beserta perjanjian lain yang terkait antara Inalum, Freeport McMoRan Inc, dan PT Rio Tinto Indonesia yang ditandantangani pada 26 September kemarin.
“ (Kan sifatnya negosiasi) satu kesatuan,” ujarnya.
Investor Daily-Page-9, Friday, Nov 9, 2018
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