JAKARTA (TheInsiderStories) – Tower provider, PT Solusi Tunas Pratama Tbk (IDX: SUPR) plans to offers 113.75 million shares or 10 percent of total issued and fully paid up shares through private placement scheme, the management announced today. The company targeting to obtain the shareholders approval on June 3.
The telco firm will use the rights issue proceeds to pay loan facilities with total amount US$297 million issued on Feb. 27, 2018 from BNP Paribas, Citigroup Global Markets Singapore, ING Bank NV Singapore, CIMB Niaga, Standard Chartered Bank Singapore, Sumitomo Mitsui Banking, Bank of Tokyo-Mitsubishi UFJ, Ltd.
The management stated, the issuer still looking the potential standby buyer for the private placement planned. Solusi Tunas also has plans to offers Rupiah and global bonds to finance the company business expansion and increase the liquidity. The tower manager considering issuing global bonds of $400 million and Rupiah bond with a maximum values of Rp8 trillion ($551.72 million). The bond to have a seven years of tenure since with a maximum interest rate of 8 percent.
“This transaction in order to increase the liquidity of the company and the subsidiaries to support the operational activities and corporate funding needs,” said the management on Tuesday (04/27).
Solusi Tunas was founded in 2006 with the core business of leasing telecommunications towers under a long-term lease agreement with an average tenor of around 10 years. The provider engaged in the telecommunications supporting infrastructure services including the supply, management and leasing of telecommunications sites and fiber optic cable networks and their supporting facilities both directly and through subsidiaries.
At present, the company operates telecommunications tower assets in 34 provinces in Indonesia, where 84 percent of telecommunication tower sites are located in Java and Sumatra. In 2018, the company owns and operates 6,451 tower sites throughout Indonesia, consisting of 5,979 macro towers and 433 micro poles, with 10,492 tenants or with a rental ratio of 1.64x.
The shareholders of Solusi Tunas are PT Kharisma Indah Ekaprima 43.20 percent, Cahaya Anugerah Nusantara HLD LTD 25.51 percent, Juliawari Gunawan 0.03 percent, and the public 31.26 percent.
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