PT Profesional Telekomunikasi Indonesia ("Protelindo" or the "Company"), a 99.9994% owned subsidiary of PT Sarana Menara Nusantara, Tbk (IDX: TOWR), has successfully completed another landmark financing in the syndicated loan market. The successful completion of the syndicated Loan Facility enables Protelindo to significantly lower its overall cost of debt with an extended debt maturity profile, less amortization and increased covenant headroom. The Company will also enjoy greater flexibility to finance future tower expansion through its internally generated cash and additional debt financing.
Protelindo today announced that syndication of its May 2011 Term Loan Facility (the "Facility") has closed heavily oversubscribed. The Facility was launched at the original target size of US$300,000,000 equivalent. However, due to strong interest from the market, the Facility was significantly oversubscribed and the final Facility size was increased to US$482,260,371 equivalent.
The Facility is a bullet term loan that matures in five years. The Company has applied the amounts borrowed under the Facility towards (i) the full repayment of a US$103 million subordinated high interest rate facility; (ii) the partial repayment in the amount of approximately US$337.81 million towards its US$478.4 million equivalent amortizing May 2010 loan facility; and (iii) the acquisition and construction of towers.
The Facility is comprised of a US$364,290,423 tranche and an IDR1,006,283,659,360 tranche, both of which have a bullet maturity of five years. The Facility represents one of the largest syndicated financings completed in Indonesia to date. Signing took place on 29 July 2011. The final syndicate comprises 14 financial institutions across Asia Pacific.
The participating banks are:
Original Mandated Lead Arrangers and Bookrunners DBS Bank Ltd Oversea-Chinese Banking Corporation Limited The Royal Bank of Scotland Standard Chartered Bank Sumitomo Mitsui Banking Corporation ING Bank N.V., Singapore Branch
Original Mandated Lead Arrangers
PT Bank Central Asia Tbk
PT Bank Negara Indonesia (Persero) Tbk
Mandated Lead Arranger
Bank of China Limited
PT. Bank Panin Tbk.
CIMB Bank Berhad, Singapore Branch
Bank Chinatrust Indonesia
PT. Bank Commonwealth
PT Bank ICBC Indonesia
About PT Profesional Telekomunikasi Indonesia
PT Profesional Telekomunikasi Indonesia (Protelindo) is the largest independent owner and operator of telecommunication towers in Indonesia, with 5,547 towers as at 30 June 2011. Protelindo is engaged in the business of operating, building and leasing telecommunication towers and repeater stations to all major wireless operators in Indonesia. Protelindo manages the construction and maintenance of towers, and collects lease rental payments periodically from these wireless operators in return for the use of its towers. Protelindo is owned by PT Sarana Menara Nusantara Tbk, a publicly listed company on the Indonesian Stock Exchange under the symbol "TOWR".
For further details please contact:
PT Profesional Telekomunikasi Indonesia
Tel: +62 (21) 2358 5500
Fax: +62 (21) 2358 6446