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Bond Market News
Sritex’s Dollar Bonds Fall on News of Proposed Dollar Loan Extension
February 5, 2021
Indonesian textile and garment manufacturer Sri Rejeki Isman (Sritex) is said to have asked lenders of its dollar loan to extend the debt’s maturity by two years to 2024, as reported by Bloomberg on Thursday. Joy Citradewi, head of corporate communications said that the company will extend the deadline by when lenders need to provide a response to March 1 from February 2 as banks require more time. This led Sritex’s dollar 6.875% and 7.25% bonds due 2024 and 2025 to drop over 5 and 7 points to 85.4 and 83.8 respectively. Sritex was planning a new dollar bond in the second week of January but later scrapped the proposed issuance after regional peer Pan Brothers faced a series of credit rating downgrades, which soured the overall outlook on Indonesian garment manufacturers. In the latest update, Sritex said that it has sufficient liquidity with high cash balance and existing bilateral loans.
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