Obligasi Berkelanjutan II OKI Pulp & Paper Mills Tahap VI Tahun 2026Obligasi USD Berkelanjutan II OKI Pulp & Paper Mills Tahap V Tahun 2026

October 8, 2026

Rating: idA+ (Pefindo)

OKI’s Margins Rebound Toward 50% as Capex Eases, Backing a Dual-Currency Refinancing

PT OKI Pulp & Paper Mills (OKI) runs one of the world’s largest single-site integrated pulp and tissue mills, with 3.0mn tonnes a year of pulp and 500,000 tonnes of tissue capacity in Ogan Komering Ilir, South Sumatra. It is owned 49.08% each by Pindo Deli and Tjiwi Kimia under the APP Indonesia group, and exported 88% of 1H2026 sales, mostly to Asia. In 1H2026, revenue rose 10.1% YoY to USD 875.3mn and EBITDA 17.3% to USD 430.9mn, a 49.2% margin.

Indicative Structure

  • IDR bonds (Tahap VI): up to IDR 3.0tn – 3Y: 9.50%-10.00%, 5Y: 10.00%-10.50%
  • USD bonds (Tahap V): up to USD 25.0mn – 3Y: 6.25%-6.75%, 5Y: 6.50%-7.25%
  • Clean basis (unsecured), quarterly coupon, bullet repayment.
  • Proceeds fund: debt repayment and/or working capital.
  • PUB II shelves of IDR 12.0tn and USD 100.0mn, with IDR 3.33tn and USD 50.8mn remaining.

Why This Deal

  • Integrated scale, margins back near 50%. OKI ran its pulp line at 93% of capacity in 2025 and lifted tissue output 38.5% to 332kt as new lines ramped up. In 1H2026, gross margin widened 440bp to 48.3% and operating cash flow recovered to USD 279.0mn from USD 11.7mn. Reported net profit of USD 438.7mn includes a USD 233.3mn non-cash FX gain, so we judge the credit on EBITDA.
  • Leverage steady; refinancing is the watch-point. Net debt/EBITDA eased to 3.74x (annualised) from 4.26x in FY2025, and capex fell to USD 0.40bn in 1H2026 from USD 0.46bn a year earlier. Cash and short-term investments of USD 1.77bn cover debt due within 12 months 1.57x, and all bond covenants have wide headroom. DSCR is 0.73x once bond maturities are included, so OKI relies on market access and liquidity to roll maturing paper.
  • APP-level pricing, well above the curve. The Rupiah ranges sit 113-163bp (3Y) and 142-192bp (5Y) above the idA+ secondary curve (8.37% / 8.58%) and 261-346bp over SBN. Their tops match the 10.00% and 10.50% at which APP Indonesia paper has cleared in every primary window since July. The USD ranges top out at August’s USD Tahap IV coupons of 6.75% and 7.25%. With the Fed at 4.00% and BI holding at 5.75%, we recommend SUBSCRIBE.

Indicative Timeline

  • Bookbuilding: 7-22 Oct 2026
  • Public Offering: 6-9 Nov 2026
  • Listing: IDX, 13 Nov 2026

Regards, Aldiracita Research

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PT Aldiracita Sekuritas Indonesia

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PT Aldiracita Sekuritas Indonesia

Menara Tekno Lt. 9 Jl. Fachrudin No. 19 Jakarta Pusat 10250

Phone: 021-39705858

Customer Service (WhatsApp): +6288801010088

Email: [email protected]

Subsidiaries :
Aldiracita Global Investment Pte Ltd

8 Temasek Boulevard, #04 – 01, Suntec Tower Three, Singapore 038988

PT Surya Timur Alam Raya Asset Management

Menara Tekno Lt. 9 Jl. Fachrudin No. 19 Jakarta Pusat 10250

Phone: (021)-39725678

©Copyright 2024, PT Aldiracita Sekuritas Indonesia

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Anindita Cintasya

Director of Investment Banking

Anindita Cintasya is an experienced finance and investment professional specializing in debt capital markets. With a Bachelor’s degree in Business Administration from Universitas Indonesia (2007), she has built a strong career in investment banking, holding key roles at PT Aldiracita Sekuritas Indonesia, CIMB Niaga Sekuritas, and CGS-CIMB Sekuritas Indonesia. She holds multiple certifications, including a Risk Management Competency Certification and WPPE license, demonstrating her expertise in capital market regulations. Currently serving as VP Debt Capital Market – Investment Banking Associate at PT Aldiracita Sekuritas Indonesia, she has a proven track record of managing and coordinating debt issuance processes.

Our Fixed Income Sales

Mario Martin
Head of Fixed Income Sales
Mindo Leona
VP of Fixed Income Sales
Schedule a consultation with our Fixed Income Sales

Mindo Leona Christina Pardede

President Director

Mindo Leona Christina earned her Bachelor’s degree in Public Relations from Institut Ilmu Sosial dan Politik Jakarta in 2000. She joined Aldira in 2021 as Vice President of Fixed Income Sales and has been serving as President Director since 2025. With over 20 years of experience in Indonesia’s capital market, she specializes in Fixed Income. She also holds a capital market license as a Broker-Dealer Representative.

Livius Nurtanio

Senior Managing Director

Livius graduated from University of Toronto in 1995. He joined PT. Aldiracita Sekuritas Indonesia as Vice President Director from 4 October 2023. Livius has more than 20+ years of experience in Investment Banking both in Securities, Private Equity and Investment Banks in Indonesia, and overseas such as New York, Hongkong, Singapore as a Research Analyst, Head of Fixed Income, Financial Advisor, Senior Associate, Executive and Managing Director. He holds a capital market license for Broker-Dealer Representative and Underwriter Representative from OJK.

Christian Kurniawan

Director

Christian Kurniawan is a seasoned finance professional with over 15 years of experience in accounting, financial management, and capital markets. Prior to joining Aldiracita, Christian built his career at Moore Stephens Consulting, progressing from Junior to Associate Manager. During this time, he was actively involved in financial due diligence, valuation, and advisory services across various industries, strengthening his expertise in financial analysis and corporate transactions.

Christian holds a Bachelor’s degree in Accounting from Universitas Katolik Atma Jaya and is a certified Wakil Perantara Pedagang Efek (WPPE). He has also completed professional programs in taxation and leadership, reflecting his commitment to continuous professional development.

B Hari Mantoro

Independent Commissioner

Hari received his degree from the Faculty of Economics, University of Indonesia in 1988. He became the Independent Commissioner of PT Aldiracita Sekuritas Indonesia on 24 March 24 2023. He began his work in the financial industry in 1976 at a foreign bank in Jakarta and later worked for a security company in the capital market. Having worked in the financial market for over 30+ years, Hari has held positions as a President Director, Directors and Senior Manager. He is currently an competency assessor for Lembaga Sertifikasi Profesi Pasar Modal Indonesia (LSPPMI).