AirAsia Publishes IDR 1.2 Trillion 'Eternal Interest' Bonds
KolomMedia. PT AirAsia Indonesia Tbk (IAA) issues bonds with a perpetual bond worth US $ 80 million or around Rp1.17 trillion. The bonds that could be a component of capital were absorbed by the company's parent company, AirAsia Berhard.
Based on the information disclosure of AirAsia Indonesia on the Indonesia Stock Exchange (IDX) on Thursday, AirAsia Indonesia has signed a conditional agreement letter issuing perpetual securities with AirAsia Berhard. Under the agreement, AirAsia Indonesia acts as a publisher, while AirAsia Berhard acts as the holder of the securities.
AirAsia Indonesia Director Dinesh Kumar explained that the issuance of bonds was carried out in the context of providing financial assistance from the parent company to the company. The goal is to make positive financial statements for AirAsia Indonesia in 2018 on a consolidated basis.
In addition, the issuance of these bonds is also used to pay important bills that are due and collected based on warning letters from several vendors.
"What if not paid immediately can have a material and significant impact on the business continuity and performance of the IAA and the company indirectly so that it can also harm the company's public shareholders," Kumar said on Thursday at the IDX.
He explained that based on the conditional agreement signed by the two parties, the proceeds from the perpetual bond issuance would come in three stages. The first stage, on December 31, 2018 was 37.5 percent of the total issuance. Then 37.5 percent again on January 31, 2019 and the remaining 25 percent of the total issuance on February 28, 2019.
Like other debt securities, this perpetual bond will also be charged interest on the principal balance. AirAsia Indonesia as the publisher is also required to pay the distribution rate next year at an interest rate of 2 percent per year for 12 months effective since the agreement was signed.
Then, as much as 8 per year after that until the seventh year since it was published. Meanwhile, in each subsequent period, the prevailing interest rate is the distribution rate plus a step-up margin of 5 percent.
"Perpetual securities can also be transferred to third parties or with the provisions subject to applicable laws and regulations," Kumar explained.
For information, until the third quarter of 2018, AirAsia Indonesia recorded a net loss of Rp.639 billion. These losses increased compared to the same period last year amounting to Rp417 billion.
Based on the information disclosure of AirAsia Indonesia on the Indonesia Stock Exchange (IDX) on Thursday, AirAsia Indonesia has signed a conditional agreement letter issuing perpetual securities with AirAsia Berhard. Under the agreement, AirAsia Indonesia acts as a publisher, while AirAsia Berhard acts as the holder of the securities.
AirAsia Indonesia Director Dinesh Kumar explained that the issuance of bonds was carried out in the context of providing financial assistance from the parent company to the company. The goal is to make positive financial statements for AirAsia Indonesia in 2018 on a consolidated basis.
In addition, the issuance of these bonds is also used to pay important bills that are due and collected based on warning letters from several vendors.
"What if not paid immediately can have a material and significant impact on the business continuity and performance of the IAA and the company indirectly so that it can also harm the company's public shareholders," Kumar said on Thursday at the IDX.
He explained that based on the conditional agreement signed by the two parties, the proceeds from the perpetual bond issuance would come in three stages. The first stage, on December 31, 2018 was 37.5 percent of the total issuance. Then 37.5 percent again on January 31, 2019 and the remaining 25 percent of the total issuance on February 28, 2019.
Like other debt securities, this perpetual bond will also be charged interest on the principal balance. AirAsia Indonesia as the publisher is also required to pay the distribution rate next year at an interest rate of 2 percent per year for 12 months effective since the agreement was signed.
Then, as much as 8 per year after that until the seventh year since it was published. Meanwhile, in each subsequent period, the prevailing interest rate is the distribution rate plus a step-up margin of 5 percent.
"Perpetual securities can also be transferred to third parties or with the provisions subject to applicable laws and regulations," Kumar explained.
For information, until the third quarter of 2018, AirAsia Indonesia recorded a net loss of Rp.639 billion. These losses increased compared to the same period last year amounting to Rp417 billion.
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