PT Polytama Propindo issued a limited Medium Term Notes I for 2022 worth of Rp. 220,500,000,000. This fund will be used for additional working capital to finance polypropylene production activities, Financing the procurement of propylene tanks in order to increase business capacity.
Credit Gurantee & Investment Facility (CGIF) acts as guarantor for all installments of ijarah fees and the remaining ijarah fees that must be paid. CGIF is a trust fund instituion (Trust Fund) of the Asian Development Bank and is jointly owned by ASEAN countries, Japan, China, and South Korea . CGIF priority focus is to provide credit guarantees for the issuance of Notes and sukuk in local currency by issuers in ASEAN, including Indonesia.
For this guarantee from CGIF, PT Pemeringkat Indonesia (Pefindo) has assigned an idAAAsy (cg) rating to Polytama’s 2022 Medium Term Notes I.
In the issuance of the Notes, Polytama appointed PT CIMB Sekuritas as the underwriter for the issuance and as a stand-by-buyer. This corporate action is Polytama’s step in optimizing financing.
Through the signing by Mr. Uray Azhari and Mr. Syawaludin Azwar and ratified before notary Nanette Cahyanie Handari Adi in Jakarta, the Polytama’s Medium Term Notes I 2022 is officially effective.