PT ABM Investama Tbk (ABMM) plans to issue global bonds of up to US$200 million.

The Fitch on Ratings report revealed this corporate action on Thursday (22/7). Fitch Ratings has assigned a 'B+' rating to the proposed issuance of the bonds.

The company will use proceeds from the global bond issuance to refinance global bonds that will mature in the amount of US$350 million.

"The submission of this global bond plan will be the only way to address AMB Investama's maturing debt obligations of US$350 million by 2022, as we believe the company does not have sufficient cash flow to make these payments," the Fitch report said.

As of March 2021, ABM Investama recorded cash and cash equivalents of US$117 million, with short-term debt of around US$40 million.

The company's short-term liquidity consisting of undisbursed loans amounted to US$95 million and working capital loans obtained in semester I-2021 with maturities of 12 months.

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