Indah Kiat plans IDR 3.50 trillion refinancing ahead of November maturities

PT Indah Kiat Pulp & Paper, a Sinar Mas Group unit, has outlined IDR 3.50 trillion of new bonds, sukuk and dollar notes to refinance debt maturing in November 2026. The package comprises IDR 2.00 trillion of bonds, IDR 1.50 trillion of sukuk and USD 13.76 million of dollar bonds, against IDR 1.043 trillion plus USD 900,000 of obligations due on 21 and 22 November 2026. The company reported first-half 2026 sales of USD 1.70 billion, up 8.74 percent year on year, and net income of USD 372.00 million, more than double the prior-year period.

Why this mattersA refinancing package larger than the November maturities it replaces gives the Sinar Mas pulp and paper unit room to roll debt rather than repay from operating cash.

• New debt instruments total IDR 3.50 trillion: IDR 2.00 trillion bonds, IDR 1.50 trillion sukuk, USD 13.76 million dollar bonds.
• November maturities comprise IDR 739.72 billion bonds and IDR 303.56 billion sukuk due 21 November 2026, plus USD 900,000 dollar bonds due 22 November 2026.
• First-half 2026 sales reached USD 1.70 billion, up 8.74 percent year on year.
• First-half 2026 net income reached USD 372.00 million, up 127.43 percent year on year.
• Indah Kiat is listed on the Indonesia Stock Exchange under ticker INKP, with market capitalisation of IDR 45.5 trillion as of 13 October 2026.
• Indah Kiat is a unit of Sinar Mas Group.

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