PT Tower Bersama Infrastructure Tbk ("TBIG") Announces Rupiah Bond Offering
Posted on 19th September 2017
JAKARTA, 19 September 2017 - PT Tower Bersama Infrastructure Tbk ("TBIG") announces that it has closed its Continuous Rupiah Bond II Phase III Year 2017 (“TBIG Bond II Phase III” or “Sept 2020 IDR Notes”).
The Sept 2020 IDR Notes have a total issuance size of Rp700 billion at a fixed interest rate of 8.40% for a tenor of 3 years and will have quarterly coupon payments. The Sept 2020 IDR Notes 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, Facility B of our Credit Facilities.
The Sept 2020 IDR Notes obtained a local AA- rating from Fitch Indonesia and will be listed on the Indonesian Stock Exchange on 20 September 2017.
Total debt of TBIG, as of 30 June 2017, valuing USD loans at their hedged exchange rate, was Rp17,406 billion and gross senior debt was Rp12,163 billion while cash balance was Rp191 billion, resulting in a net debt of Rp17,215 billion and a net senior debt of Rp11,972 billion. Using the second quarter 2017 annualized EBITDA, the net senior debt to EBITDA ratio is 3.5x, and net debt to EBITDA ratio is 5.0x.
“We are pleased to tap the Rupiah bond market once again this year, and at competitive pricing. Even with the robust organic growth this year, we have been able to maintain our leverage at 5.0x, which is well within our bond covenants of not more than 6.25x for gross debt (at the hedged rate of debt) over last quarter annualized EBITDA,” commented Helmy Yusman Santoso, CFO of TBIG.
“Our credit providers in the bank and bond markets are important partners as we continue to grow organically and through acquisitions. Their continued support and commitment demonstrates their comfort with the steady and increasing stream of cashflow from our business,” added Hardi Wijaya Liong, CEO 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