Inalum Ready to Pay Freeport Indonesia Shares
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Inalum released a global bond worth US $ 4 billion to fund the acquisition of 51, 2% of Freeport's shares
Hopes PT Inalum controls 51.2% of PT Freeport Indonesia (Freeport) shares near reality. PT Indonesia Asahan Aluminum (Inalum) has just issued a global debt of US $ 4 billion. With the funding support, Inalum is ready to complete the acquisition transaction of Freeport shares worth US $ 3.85 billion.
PT Freeport Indonesia (Freeport)
"Funding (global bond) to complete the divestment process already exists, so that the Inalum target to hold 51% of PTFI's shares can be achieved," said a source of KONTAN who was aware of the global bond issuance, yesterday.
Singapore EXchange Ltd (SGX)
The Global bond Inalum listed at Singapore EXchange Ltd (SGX) includes four First tenors, worth US $ 1 billion with a three-year tenor and yields of 5.5 percent. Keolua, issuance of US $ 1.25 billion with a five-year tenor and a yield of 6%. Third, the issuance of US $ 1 billion with ten years and yields of 6.875 percent, and the issuance of US $ 750 million with a 30-year tenor and a yield of 7.375 percent.
In these global bonds, Joint Global Coordinators (JGC) banks are BNP Paribas, Citi and MUFG. Whereas the Joint Book Runner (JBR) banks are BNP Paribas, CIMB, Citi, Maybank, MUFG, SMBC Nikko, and Standard Chartered. The bonds have also received a Baa2 rating from Moody's and BBB from Fitch Ratings.
Joint Global Coordinators
Global bond lnalum is claimed to be oversubcribed. Details, demand of US $ 4.1 billion for the three-year tenor, US $ 5.5 billion for the five-year tenor, US $ 7.1 billion for the 10-year tenor and US $ 3.7 billion for the 30-year tenor.
Later, Inalum will receive US $ 4 billion in global bond proceeds for November this year. But the source of KONTAN was reluctant to explain the exact date. By releasing the global bond, the Inalum canceled the loan application to the banking syndicate. The reason is, first, management considers bank interest which tends to rise. Second, if the bank, Inalum must pay the principal installments each year. Third, the global bond scheme is considered more efficient and cheaper.
The Economics and Energy Observer of Gadjah Mada University (UGM), Fahmy Radhi, assessed that global bond issuance is more profitable than bank loans. Besides long-term, the global bond interest rate is lower than bank interest.
"Bank debt can also be long-term, but the interest rate is higher. Because, the bank includes risks and requires collateral," he said.
According to Fahmy, one thing that is a challenge for Inalum is the issue of investor confidence so that global bonds can be accepted by the market.
"Unlike Pertamina or PLN, companies that have already been established," Fahmy said.
Perusahaan Listrik Negara (PLN)
Freeport Indonesia Spokesperson, Riza Pratama, appreciated Inalum's steps regarding the collection of global funds. Because, by obtaining funding, Inalum's 51.2% stake in Freeport could be faster. However, he considered, the ownership of the shares must be accompanied by other provisions. For example, the extension of Freeport Indonesia's operating license until 2041 is stated in the definitive Special Mining Business License (IUPK) document.
The next thing, about tax provisions.
"Hopefully it can be fast and accompanied by other processes," said Riza.
IN INDONESIAN
Inalum Siap Membayar Saham Freeport Indonesia
Inalum merilis global bond senilai US$ 4 miliar untuk mendanai akuisisi 51 ,2% saham Freeport
Harapan PT Inalum menguasai 51,2% saham PT Freeport Indonesia (Freeport) mendekati kenyataan. PT Indonesia Asahan Aluminium (Inalum) baru saja menerbitkan Surat utang global senilai US$ 4 miliar. Dengan dukungan dana itu, Inalum siap menuntaskan transaksi akuisisi saham Freeport senilai US$ 3,85 miliar.
"Pendanaan (global bond) untuk menuntaskan proses divestasi sudah ada, sehingga target Inalum untuk menggenggam 51% saham PTFI bisa tercapai," ungkap sumber KONTAN yang mengetahui penerbitan global bond itu, kemarin.
Global bond Inalum yang tercatat di Singapore EXchange Ltd (SGX) ini meliputi empat tenor Pertama, senilai US$ 1 miliar bertenor tiga tahun dan imbal hasil 5,5%. Keolua, penerbitan US$ 1,25 miliar dengan tenor lima tahun dan imbal hasil 6%. Ketiga, penerbitan US$ 1 miliar bertenor 10 tahun dan imbal hasil 6,875%, serta penerbitan US$ 750 juta dengan tenor 30 tahun dan imbal hasil 7,375%.
Di obligasi global ini, bank yang menjadi Joint Global Coordinators (JGC) adalah BNP Paribas, Citi dan MUFG. Sedangkan perbankan yang menjadi Joint Book Runner (JBR) adalah BNP Paribas, CIMB, Citi, Maybank, MUFG, SMBC Nikko, dan Standard Chartered. Obligasi ini pun sudah mendapatkan rating Baa2 dari Moody’s dan BBB dari Fitch Ratings.
Global bond lnalum diklaim mengalami kelebihan permintaan (oversubcribed). Perinciannya, permintaan US$ 4,1 miliar untuk tenor tiga tahun, US$ 5,5 miliar pada tenor lima tahun, US$ 7,1 miliar pada tenor 10 tahun dan US$ 3,7 miliar untuk tenor 30 tahun.
Kelak, lnalum akan menerima dana hasil global bond senilai US$ 4 miliar pada Novmnber tahun ini. Tapi sumber KONTAN enggan menjelaskan tanggal pastinya. Dengan merilis global bond, lnalum pun batal mengajukan pinjaman ke Sindikasi perbankan. Alasannya, pertama, manajemen mempertimbangkan bunga bank yang cenderung naik. Kedua, jika bank, Inalum harus membayar cicilan pokok tiap tahun. Ketiga, skema global bond dinilai lebih efisien dan lebih murah.
Pengamat Ekonomi dan Energi Universitas Gadjah Mada (UGM), Fahmy Radhi, menilai penerbitan global bond lebih menguntungkan daripada pinjaman perbankan. Selain berjangka waktu panjang, tingkat bunga global bond lebih rendah dibandingkan bunga bank.
"Utang bank bisa juga berjangka panjang, namun tingkat suku bunganya lebih tinggi. Sebab, bank memasukkan risiko dan membutuhkan jaminan," ungkap dia.
Menurut Fahmy, satu hal yang menjadi tantangan bagi Inalum adalah persoalan kepercayaan investor sehingga global bond bisa diterima pasar.
"Berbeda dengan Pertamina atau PLN, perusahaan yang sudah establish," ujar Fahmy
Juru Bicara Freeport Indonesia, Riza Pratama, mengapresiasi langkah Inalum ihwal penghimpunan dana global. Pasalnya, dengan memperoleh pendanaan, penguasaan 51,2% saham Freeport oleh Inalum bisa lebih cepat. Namun dia menilai, penguasaan saham itu harus dibarengi dengan ketentuan lain. Misalnya, perpanjangan izin operasi Freeport Indonesia hingga tahun 2041 yang dituangkan dalam dokumen Izin Usaha Pertambangan Khusus (IUPK) definitif.
Hal berikutnya, soal ketentuan perpajakan.
"Semoga bisa cepat dan dibarengi proses lainnya," ujar Riza.
Kontan, Page-1, Friday, Nov 9, 2018
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