PT Tower Bersama InfrastructureTbk ("TBIG") Announces Rupiah Bond Offering

Posted on 18th October 2018

JAKARTA, 18 October 2018 – PT Tower Bersama Infrastructure Tbk ("TBIG") announces that it has closed its Continuous Rupiah Bond III Phase II Year 2018 (“TBIG Bond III Phase II” or “October 2019 IDR Notes”).

The October 2019 IDR Notes have a total issuance size of Rp628 billion at a fixed interest rate of 8.50% for a tenor of 370 days and will have quarterly coupon payments. The October 2019 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, our US$ 200 million Revolving Loan of our Credit Facilities.

The October 2019 IDR Notes obtained a local AA- rating from Fitch Indonesia and will be listed on the Indonesian Stock Exchange on 19 October 2018.

Total debt as of 30 June 2018, valuing USD loans at their hedged exchange rate, was Rp19,688 billion and gross senior debt was Rp13,744 billion while cash balance was Rp700 billion, resulting in a net debt of Rp18,988 billion and a net senior debt of Rp13,044 billion. Using the second quarter 2018 annualized EBITDA, the net senior debt to EBITDA ratio is 3.6x, and net debt to EBITDA ratio is 5.3x. We continue to have ample borrowing headroom based on the financial covenants contained in our bank and bond facilities.

“In the current environment of rising rates and the volatility in the IDR, we are pleased to be able to access the Rupiah bond market.  The October 2019 IDR Notes increase the Rupiah debt component in our capital structure.  Our current leverage 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.

“We have an extremely strong debt structure – fully hedged, long term debt and ample committed undrawn availability. All of our hedges are effective at the current IDR levels. We maintain our prudent hedging strategy by using life-of-debt derivative hedging instruments, with further protection from USD 40 million per year of long term contracted USD revenue,” 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:

Corporate Secretary:

Helmy Yusman Santoso – Tower Bersama Group

Telp. (62-21) 2924 8900


Investor Relations:

Veronica Jordan

Telp. (62-21) 2924 8900