KONTAN.CO.ID - JAKARTA. PT Waskita Karya (Persero) Tbk (WSKT) has just held a general meeting of bondholders (RUPO) on February 21-22, 2024. The RUPO results approved the extension of the maturity date, the amount of interest, and the mechanism for paying interest on several WSKT bonds. It should be noted that the minimum result that must be approved is 75% of the RUPO attendance quorum. First, the Continuous Bonds III Phase III Year 2018. As many as 77.91% of these bondholders approved the change in the principal repayment date of the Bonds. For series B Bonds, the maturity date is postponed 16 years 3 months 3 days from the date of bond issuance. Thus, the series B Bonds mature on December 31, 2034.
Baca Juga: Waskita Karya (WSKT) Receives Approval Regarding Debt Payment Scheme From the date of issuance until before the effective date of the Trustee Agreement change with a fixed interest rate of 9.75% per year. From the effective date of the Trustee Agreement change until December 31, 2034, with a fixed interest rate of 5% per year. Interest payments from the effective date of the Trustee Agreement change until 2034 and will be paid in cash every quarter starting on June 23, 2024, until December 31, 2034. Second, the Continuous Bonds IV phase I year 2020 was approved by 92.38% of RUPO participants. The maturity date of the Bonds is changed to December 31, 2034. Baca Juga: Waskita Karya (WSKT) Wins 12 Contracts for IKN Projects, Valued at IDR 7.5 Trillion From the date of issuance until before the effective date of the Trustee Agreement change with a fixed interest rate of 10.75% per year. Then, from the effective date of the Trustee Agreement change until December 31, 2034, with a fixed interest rate of 5% per year. Interest payments from the effective date of the Trustee Agreement change until 2034 and will be paid in cash every quarter starting on June 23, 2024, until December 31, 2034. Third, the Continuous Bonds III Phase II year 2018 which was approved by 79.19% of RUPO participants. The principal repayment date of the Bonds, for series B Bonds, the maturity date is postponed 16 years 10 months 8 days from the date of issuance. Thus, the series B Bonds mature on December 31, 2034. Baca Juga: Waskita Karya Book New Contracts IDR 16.9 Trillion in 2023 From the date of issuance until before the effective date of the Trustee Agreement change with a fixed interest rate of 8.25% per year. Then, from the effective date of the Trustee Agreement change until December 31, 2034, with a fixed interest rate of 5% per year. Then, interest payments from the effective date of the Trustee Agreement change until 2034 and will be paid in cash every quarter starting on June 23, 2024, until December 31, 2034. "All of this adjusts to the Company's financial condition. The total value of the 4 series of Non-Guarantee Bonds proposed for restructuring through RUPO 21-22 Feb 2024 is Rp 4.7 trillion," said WSKT Finance Director Wiwi Suprihatno to Kontan, Monday (26/2). Yesterday, there were four RUPOs held by WSKT. However, the PUB III Phase IV Year 2019 Bonds only received 43.94% of bondholders attending the RUPO. Therefore, WSKT plans to hold another RUPO for the PUB III Phase IV Year 2019 Bonds on March 22, 2024. Baca Juga: Waskita Karya (WSKT) Receives Approval Regarding Debt Payment Scheme "For bonds that have not received approval, Waskita will communicate intensively with the related bondholders to obtain approval for the restructuring scheme through another planned RUPO on March 22, 2024," said Wiwi. In addition, Waskita targets debt restructuring to be effective at the end of the first quarter of 2024, so that the suspension of shares can be immediately lifted by the Indonesia Stock Exchange (BEI). This also includes efforts to sign a master restructuring agreement (MRA) with 21 creditors which is also planned to be completed at the end of the first quarter of 2024. However, the MRA scheme has not been submitted by WSKT. Wiwi said the impact of this bond restructuring is expected to provide an opportunity for WSKT to be able to fulfill its bond obligations. Moreover, this step is supported by efforts to restructure bank debt which in principle has been approved by all creditors.
