Asset Backed Securities of Danareksa Indonesia Power PLN1-Accounts Receivable (DIPP1 ABS) has been oversubscribed by 2.7 times or IDR 10.05 trillion from the target of IDR 4 trillion. The company will gradually issue ABS until the end of 2018 with a total value of IDR 10 trillion to support the 35,000 MW program.
Sripeni Inten Cahyani, President Director of Indonesia Power, said the ABS issued was worth IDR 4 trillion with basic asset electricity sales of PLTU Suralaya 1-4. DIPP1 ABS consisting of Class A worth IDR 3.69 trillion and Class B with limited offer of IDR 312 billion.
According to Prihatmo Hari, President Director of Danareksa Investment Management (DIM), DIPP1 ABS has a five-year tenor with a return of 8.25 percent per annum. Investors who purchased these investment instruments consist of banking, asset management, pension funds, and insurance companies.
DIM is the investment manager for the ABS, with Bank Rakyat Indonesia Tbk (BBRI) as a custodian bank, and Danareksa Sekuritas as lead arranger and selling agent. The offer also involves BNI Sekuritas, Mandiri Sekuritas, Bahana Sekuritas, and BCA Sekuritas.
Indonesia Power is a subsidiary of PLN and currently manages and operates power plants with a capacity of 14,826 MW, including Suralaya, Semarang, Perak Grati, Saguling, and Kamojang. (*)