Ciputra Development Tbk (CTRA) has issued medium-term notes worth SGD 150 million. Proceeds will be used for the MTN redemption in 2015, loan refinancing, acquisition financing and working capital.
According to Tulus Santoso, Director of CTRA, the company can issue MTN up to SGD 200 million based on the Permanent Global Note signed on September 20, 2017. “The company can still issue MTN of as much as SGD 50 million,” said Tulus. The MTN provides interest rate at 4.85 percent per annum and will mature in 2021.
The company believes that the issuance will have a positive impact on the company’s financial condition. This is not a material transaction because the value is less than 20 percent of the company’s equity as of June 30, 2017, which reached IDR 14.7 trillion. (*)