Jakarta –
PT Garuda Indonesia (Persero) Tbk reports that it has completed partial repayment of the Reg-S Portion of Debentures amounting to US$ 536,452,843.87 of the total Debentures amounting to US$ 624,211,705 with 6.5% interest which matures in 2031.
Then also completed the sukuk issued by Garuda Indonesia Global Sukuk Limited in the amount of US$ 78,019,580.00 with a periodic distribution amount of 6.5% which matures in 2031.
In detail, Garuda Indonesia repaid part of the principal amount of the Reg-S portion of the Debt Securities and Sukuk amounting to US$ 113,800,166.49 through a tender offer scheme with a total exercise value of US$ 49,999,999.74 in stages on December 21 2023 (for Debt Securities) and 29 December 2023 (for Sukuk).
“The completion of the corporate action of partial repayment of Debt Securities and Sukuk is one of Garuda Indonesia’s commitments in maintaining the trust of creditors which is in line with the various performance improvement steps taken post-PKPU,” said Garuda Indonesia President Director Irfaniaputra, in his statement, Thursday (4/ 1/2023).
This partial repayment was made to the holders of Debt Securities and Sukuk, the majority of whom are Garuda Indonesia’s creditors in the Postponement of Debt Payment Obligation (PKPU) process. The repayment was completed using funding sources from the Company’s internal cash.
“Furthermore, this initiative is also expected to improve the capital structure to become healthier in the future, especially in terms of the Company’s liquidity and solvency capabilities so that Garuda Indonesia’s operations can be optimal and adaptive in realizing the Company’s performance which we project will grow more positively,” explained Irfan.
Irfan said that the repayment of some of the Debt Securities and Sukuk was also part of Garuda Indonesia’s proactive steps to ensure that the company’s fundamental financial performance grew solidly, one of which was also supported by continuous steps to improve equity performance through active management of assets, liabilities and equity to optimize effectiveness of the company’s cash flow profile.
“This corporate action also represents the Company’s ongoing goodwill in ensuring that the process of resolving obligations towards creditors can proceed more prudently,” said Irfan.
Garuda Indonesia recorded consistent growth in business fundamentals. This is reflected in the Company’s group business revenue achievements for the 3rd Quarter of 2023 (Q3-2023), which grew by 48.32% to US$ 2,233.25 million when compared to the achievements in the same period in the previous year.
Garuda Indonesia’s business revenue growth until Q3-2023 was also contributed by business revenue generated from scheduled flights which increased 49.02% year-on-year (YoY) to US$ 1.72 billion, non-scheduled flights achieved revenue of US$ 274.25 million, and other income reached US$ 234.91 million.
“With increasingly improving financial performance indicators, including the Company’s EBITDA position and cash flow ratio, we hope that the performance recovery outlook will gradually continue to improve and consistently grow positively. *In addition, through various strategic steps we continue to improve to maintain the Company’s performance “This also reflects the Company’s commitment to efforts to fulfill other repayment obligations that are due in a disciplined and accountable manner,” concluded Irfan.
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2024-01-04 13:30:36
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