Jakarta - PT Indofood CBP Sukses Makmur Tbk (ICBP) plans to issue global debt securities.

In the Fitch Ratings report quoted on Monday (18/10), Fitch assigned the rating of 'BBB-' with a stable outlook for the global debt plan.

ICBP will use the proceeds from global bond issuance to pay for retention of up to US$650 million, which will mature in April 2022.

The retention payments are part of the company's acquisition of Pinehill Company Ltd last year.

Meanwhile, the company will use the remaining proceeds from the global bonds for its general purposes, including working capital.

"This global bond issuance will result in higher-than-expected cash and debt for 2021, as ICBP advances its plan to issue global bonds in Q4 2021 from our initial expectations for Q2 2022," Fitch said in the report.

However, ICBP's ability to raise funds has not changed or is around 2.1-2.4 times in 2021 and 2022 or line wi