PT Tower Bersama Infrastructure Tbk (TBIG) Announces Rupiah Bond Offering
Posted on 2nd December 2020
JAKARTA, 2 December 2020 – PT Tower Bersama Infrastructure Tbk ("TBIG") announces that it has closed its Continuous Rupiah Bond IV Phase II Year 2020 (“TBIG Bond IV Phase II”).
The TBIG Bond IV Phase II have a total issuance size of Rp750 billion, consisting of Rp295 billion at a fixed interest rate of 5.75% for a tenor of 370 days and Rp455 billion at a fixed interest rate of 7.25% for a tenor of 3 years. These bonds will have quarterly coupon payments. The TBIG Bond IV Phase II will constitute senior unsecured obligations of TBIG. The use of net proceeds will be to partially repay the Company’s existing financial liabilities, in particular, the USD375 million Revolving Credit Facility of our Credit Facilities.
The TBIG Bond IV Phase II will be listed on the Indonesian Stock Exchange on 3 December 2020.
Total debt as of 30 September 2020, valuing USD loans at their hedged exchange rate, was Rp22,407 billion and gross senior debt was Rp10,200 billion while cash balances were Rp574 billion, resulting in net debt of Rp21,833 billion and net senior debt of Rp9,625 billion. Using the third quarter 2020 annualized EBITDA, the net senior debt (hedged rate) to EBITDA ratio is 2.04x, and net debt (hedged rate) to EBITDA ratio is 4.63x, well within our bond covenants of not more than 6.25x for gross debt (hedged rate) over last quarter annualised EBITDA.
“We are pleased to announce that Fitch Ratings Indonesia has upgraded TBIG’s National Long-Term Rating to 'AA+(idn)', with a Stable Outlook. This is in-line with Fitch International’s upgrade to investment grade, with a ‘BBB-‘ rating for TBIG’s foreign currency bonds. We continue to have strong cash flow visibility and robust growth. TBIG Bond IV Phase II is our third issuance in the Rupiah bond market this year, and with the lowest pricing. We expect to continue to access the Rupiah bonds markets as our business continues to grow,” commented Helmy Yusman Santoso, CFO of TBIG.
About PT Tower Bersama Infrastructure Tbk:
PT Tower Bersama Infrastructure Tbk (“TBIG”), is a provider of telecommunications infrastructure for the placement of BTS by telecommunications operators in Indonesia.
TBIG is publicly listed on the Indonesian Stock Exchange and is majority owned by Saratoga Group and Provident Capital.
For more information contact:
Helmy Yusman Santoso – Tower Bersama Group
Telp. (62-21) 2924 8900
Telp. (62-21) 2924 8900