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Home arrow Latest News arrow Delta Merlin Textile Will Release US Dollar Bonds


				
			
			
Delta Merlin Textile Will Release US Dollar Bonds PDF Print E-mail
Written by Maizer   
Tuesday, 26 February 2019

The Solo textile company PT Delta Merlin Dunia Textile intends to issue bonds denominated in US dollars. The plan was stated in Fitch Ratings ranking research.

 

Fitch ranks foreign denominated long-term debt and bonds to be issued by the Duniatex Group company at the BB-level (EXP) with a stable outlook.

 

Delta Merlin intends to use funds from the bond issuance for refinancing and other company needs.

 

The rating is supported by the company's position as the largest weaving company in Indonesia, a low load structure, and relationships that have been established with their core consumers. The company's woven production capacity reaches 929 million meters and has a 50% market share in the weaving and knitting business.

 

Prospective bond issuers will also benefit from being part of the Duniatex Group, which guarantees the certainty of supply of yarn with more consistent quality and competitive prices, and also supported by shorter order times.

 

Debt that intends to be repaid by the company is a debt facility from several banks. The bonds to be issued not only can improve the company's capital structure and liquidity, but also improve financial transparency.

 

Fitch Ratings also believes that the company will be able to maintain the debt level as reflected in the adjusted net debt to EBITDA ratio (earnings before interest, tax, depreciation and amortization) will be able to be maintained below 2.5 times in the middle time (from the position 2.8 times at 2018). Ebitda is profit before interest expense, tax expense, depreciation expense, and amortization expense, which is commonly used to see the company's organic performance.

 

At present, the Duniatex Group is headed by Jau Tau Klam. Jau Tau has been involved in a fabric patent dispute criminal case with PT Sri Rejeki Isman Tbk (SRIL) in the period of 2011. In March 2012, Jau Tau was acquitted by the panel of judges of PN Karanganyar because the goods produced by Jau, yellow line rayon gray cloth, were considered not is an applied work of art that must be protected by copyright.

 

 

 

Delta Merlin Textile Akan Rilis Obligasi Dolar AS

 

 

 

Perusahaan tekstil asal Solo yaitu PT Delta Merlin Dunia Textile berniat menerbitkan obligasi denominasi dolar AS. Rencana itu tertuang di dalam riset pemeringkatan Fitch Ratings.

 

Fitch memberi peringkat utang jangka panjang denominasi asing dan obligasi yang akan diterbitkan perusahaan Grup Duniatex tersebut pada level BB-(EXP) dengan outlook stabil.

 

Delta Merlin berniat menggunakan dana dari penerbitan obligasi itu untuk refinancing dan keperluan perusahaan lainnya.

 

Peringkat tersebut didukung oleh posisi perseroan sebagai perusahaan tenun terbesar di Indonesia, struktur beban yang rendah, dan hubungan yang sudah terjalin dengan konsumen inti mereka. Kapasitas hasil produksi tenun perseroan mencapai 929 juta meter dan memiliki 50% pangsa pasar di bisnis tenun dan rajut.

 

Calon emiten obligasi itu juga akan diuntungkan dari menjadi bagian dari Grup Duniatex, yang menjamin kepastian suplai benang dengan kualitas yang lebih konsisten dan harga yang bersaing, serta didukung juga oleh waktu pemesanan yang lebih singkat.

 

Utang yang berniat dilunasi perseroan adalah fasilitas utang dari beberapa bank. Obligasi yang akan diterbitkan tersebut tidak hanya dapat memperbaiki struktur permodalan perseroan serta likuiditasnya, tetapi juga memperbaiki transparansi keuangannya.

 

Fitch Ratings juga meyakini perseroan akan dapat menjaga tingkat utang yang tercermin dari rasio utang bersih disesuaikan terhadap Ebitda (earning before interest, tax, depreciation and amortisation) akan mampu dijaga di bawah 2,5 kali dalam waktu menengah (dari posisi 2,8 kali pada 2018). Ebitda adalah laba sebelum beban bunga, beban pajak, beban depresiasi, dan beban amortisasi, yang biasa digunakan untuk melihat kinerja organik perseroan.

 

Saat ini, Grup Duniatex dipimpin oleh Jau Tau Klam. Jau Tau pernah terlibat kasus pidana sengketa hak paten kain dengan PT Sri Rejeki Isman Tbk (SRIL) pada periode 2011. Pada Maret 2012, Jau Tau divonis bebas oleh majelis hakim PN Karanganyar karena barang yang diproduksi Jau, kain grey rayon garis kuning, dinilai bukan merupakan karya seni terapan yang harus dilindungi oleh hak cipta.

 
		
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