PT Tower Bersama InfrastructureTbk (TBIG) Announces Rupiah Bond Offering

Posted on 24th March 2020

JAKARTA, 24 March 2020 – PT Tower Bersama Infrastructure Tbk ("TBIG") announces that it has closed its Continuous Rupiah Bond III Phase IV Year 2020 (“TBIG Bond III Phase IV”). 

The TBIG Bond III Phase IV have a total issuance size of Rp1.5 trillion, consisting of Rp633 billion at a fixed interest rate of 6.25% for a tenor of 370 days and Rp867 billion at a fixed interest rate of 7.75% for a tenor of 3 years. These bonds will have quarterly coupon payments. The TBIG Bond III Phase IV 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 USD375million Revolving Credit Facility of our Credit Facilities.

The TBIG Bond III Phase IV obtained a local AA- rating from Fitch Indonesia and will be listed on the Indonesian Stock Exchange on 26 March 2020.

Total gross debt as of 30 September 2019, valuing USD loans at their hedged exchange rate, was Rp21,122 billion and gross senior debt was Rp13,186 billion while cash balances were Rp333 billion, resulting in net debt of Rp20,789 billion and net senior debt of Rp12,853 billion. Using the third quarter 2019 annualized EBITDA, the net senior debt to EBITDA ratio is 3.2x, and net debt to EBITDA ratio is 5.1x.

“In the current uncertain market conditions, we are pleased to have successfully accessed the Rupiah bond market at competitive pricing.  As we are repaying existing bank loans, this new fundraising is leverage neutral.  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.  The TBIG Bond III Phase IV diversifies and strengthens our capital structure,” 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