Sri Rejeki Isman Tbk (Sritex)
12/31/2020
|
EBITDA Multiple
|
|||||||
---|---|---|---|---|---|---|---|---|
(USD in Millions)
|
Amount
|
Price
|
Mkt. Val.
|
Maturity
|
Rate
|
Yield
|
Book
|
Market
|
|
||||||||
HSBC Indonesia 1
|
42.8
|
|
42.8
|
Sep-28-2021
|
|
|
||
QNB Indonesia 2
|
35.4
|
|
35.4
|
Apr-01-2021
|
|
|
||
Bank Central Asia 3
|
7.9
|
|
7.9
|
May-09-2021
|
|
|
||
Bank Negara Indonesia 4
|
12.2
|
|
12.2
|
Sep-03-2021
|
|
|
||
MUFG 5
|
26.6
|
|
26.6
|
Jan-22-2022
|
|
|
||
DBS Indonesia 5
|
4.4
|
|
4.4
|
Apr-23-2021
|
|
|
||
Taipei Fubon 6
|
20.0
|
|
20.0
|
Apr-07-2021
|
|
|
||
Bank Muamalat 5
|
29.7
|
|
29.7
|
Aug-05-2021
|
|
|
||
Bank of China (HK) 6
|
15.0
|
|
15.0
|
Sep-30-2021
|
|
|
||
Bank Pembangunan DJBB 6
|
38.9
|
|
38.9
|
Oct-05-2021
|
|
|
||
Standard Chartered 7
|
26.2
|
|
26.2
|
Oct-31-2020
|
|
|
||
Bank Woori Saudara 6
|
5.0
|
|
5.0
|
Jul-28-2021
|
|
|
||
Bank DKI 6
|
10.6
|
|
10.6
|
Oct-21-2021
|
|
|
||
Bank Emirates NBD 4
|
2.6
|
|
2.6
|
|
|
|
||
Total Trade/ Working Capital Borrowings
|
277.3
|
277.3
|
1.2x
|
1.2x
|
||||
Bank Central Asia 8
|
16.2
|
|
16.2
|
2023
|
4.750%
|
|
||
Bank Permata
|
2.1
|
|
2.1
|
Jul-11-2022
|
9.500%
|
|
||
Syndication (Citi Global, DBS, HSBCI) 9
|
350.0
|
|
350.0
|
Jan-02-2022
|
USD LIBOR + 2.700%
|
|
||
Total Long-term Bank Borrowings
|
368.3
|
368.3
|
2.7x
|
2.7x
|
||||
Finance Lease 10
|
23.7
|
|
23.7
|
|
|
|
||
Total Leases
|
23.7
|
23.7
|
2.8x
|
2.8x
|
||||
MTN $25mil 5.8% '20 11
|
25.0
|
|
25.0
|
May-18-2021
|
5.800%
|
|
||
$150mil Golden Legacy 6.875% '24 12
|
150.0
|
|
150.0
|
Mar-27-2024
|
6.875%
|
|
||
$225mil SRIL 7.25% '25 13
|
225.0
|
|
225.0
|
Jan-16-2025
|
7.250%
|
|
||
Total Notes and Bonds
|
400.0
|
400.0
|
4.4x
|
4.4x
|
||||
Total Debt
|
1,069.3
|
1,069.3
|
4.4x
|
4.4x
|
||||
Less: Cash and Equivalents
|
(187.6)
|
(187.6)
|
||||||
Net Debt
|
881.7
|
881.7
|
3.7x
|
3.7x
|
||||
Plus: Market Capitalization
|
287.3
|
287.3
|
||||||
Enterprise Value
|
1,169.0
|
1,169.0
|
4.9x
|
4.9x
|
||||
Operating Metrics
|
||||||||
LTM Revenue
|
1,282.6
|
|||||||
LTM Reorg EBITDA
|
241.0
|
|||||||
|
||||||||
Liquidity
|
||||||||
Plus: Cash and Equivalents
|
187.6
|
|||||||
Total Liquidity
|
187.6
|
|||||||
Credit Metrics
|
||||||||
Gross Leverage
|
4.4x
|
|||||||
Net Leverage
|
3.7x
|
|||||||
Notes: Reorg EBITDA incl. PSAK 73 effects of ~$12.1mil in 2020 1. - At opcos' level, plus Golden Mountain, maturity estimated based on disclosure 2. Extension in progress 3. Opco Level 4. Golden Mountain level 5. Holdco, opco level 6. Holdco level 7. Holdco + opco level; automatically extended by bank 8. Rate: 4.5% - 5.0%, maturity: 2021 - 2023, Collateralised against PPE, working capital - D/E < 1.5x, EBITDA/ interest >2x, current ratio >1x 9. Rate: 1mL + 250-290bps, Consol. net borrowings/ tangible net worth <1.30x (steps down to 1.15x Jun'21); Consol. net borrowings/ EBITDA < 3.75x (steps downs to 3.6x in Jun'21) 10. For machine rental, PSAK 73 adoption 11. Current asset/ current debt >2x, EBITDA/ interest > 2.5x 12. FCCR > 2.5x 13. FCCR > 2.5x |
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