Tower Bersama Priced Notes US$300 Million 4.625% | Press Release
(The Insider Stories) — TBG Global Pte. Ltd, a wholly owned subsidiary of PT Tower Bersama Infrastructure Tbk. (“TBIG”),announced that it has priced its debut US$300 million 5-year notes offering with a coupon of 4.625%.
The US$300million notes will constitute senior unsecured obligations of the issuer and will be guaranteed on a senior unsecured basis by TBIG. The notes mature on April 3, 2018 and are redeemable at the issuer’s option on or after April 3, 2016at certain price. In addition, the notes contain a standard set of high-yield covenants, including a leverage test based on a debt-to-annualized cash flow ratio of 6.25x that will step down to 5.75x after June 30, 2016.
Proceeds from the issuance will be used for the partial repayment of senior debt, repayment of existing parent company debt and for general corporate purposes.
The notes will be listed on the Singapore Exchange (SGX) and in-principle approval for the listing and quotation of the notes on the Official List of the SGX has been obtained. Admission of the notes to the Official List of the SGX is not to be taken as an indication of the merits of the notes or TBIG. The notes were offered in the United States to qualified institutional buyers in reliance on Rule 144A under the US Securities Act of 1933, as amended (the Securities Act), and to non-US persons outside the United States pursuant to Regulation S under the Securities Act. In Singapore, the notes were offered to institutional and other investors pursuant to exemptions under Sections 274 and 275 of the Securities and Futures Act, Chapter 289 of Singapore.
The notes will not be and have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
