JAKARTA (TheInsiderStories) – PT Profesional Telkom Komunikasi Indonesia or Protelindo, a subsidiary of tower operator, PT Sarana Menara Nusantara Tbk (IDX: TOWR), offers as much as Rp500 billion (US$34.48 million) of local bonds to buyback the existing debt, said the company on Monday (08/03). These emissions are part its continues bond planned with a total amount of Rp3.5 trillion.
It said, the bond have two series. Series A has a three-year tenure and Series B will mature in five years time. The company has not determined the coupon of each of the series. Fitch rated the AAA for the Rupiah bond.
The issuer explained, the bond offering period took place on July 29 to August 11, 2020. The public offering was scheduled on August 207 – 28. For this issuances, Protelindo helped by PT BCA Sekuritas and PT Mandiri Sekuritas as underwriters for the issuance of securities and PT Bank Permata Tbk. as trustee.
The bond buyback, said the management, will be held in one year period after the allotment date. The company may also buyback part or all of the bonds before the date of the principal repayment.
Protelindo is the owner and operator of the largest independent telecommunication tower in Indonesia. The company’ largest subsidiary, iForte owns and operates fiber optic cable and VSAT infrastructure. The Company is not owned by or affiliated with any other wireless telecommunications operator company.
The provider was founded in 2003 and operates 20,914 towers across the archipelago, totaling 36,778 total rental locations, 3,693 VSAT and more than 35,000 Fiber Optic Cables throughout Indonesia. Since 2008, Protelindo’ shares of 99.99 percent have been owned by Sarana Menara Nusantara.
All business activities and business operations of its parent are carried out through Protelindo. On March 8, 2010, the holding firm completed its initial public offering of shares and listed on the Indonesia Stock Exchange.
Last year, the company and PT Dayamitra Telekomunikasi (Mitratel), unit of state-owned telco provider, PT Telkom Indonesia Tbk (IDX: TLKM) and tower operator, PT Profesional Telekomunikasi Indonesia (Protelindo) acquired 3,100 towers owned by cellular company, PT Indosat Tbk (IDX: ISAT). The sales value of the tower reached Rp6.39 trillion.
Mitratel has signed a sales purchase agreement with Indosat on Oct 14, 2019, as the winner of 2,100 towers with a value of Rp4.44 trillion. While, Protelindo won the auction of 1,000 towers with a value of Rp1.95 trillion.
After the transaction, the third parties signed a master tower lease agreement. The new owners agreed to lease back the tower to Indosat. The unit of Qatar’ Ooredoo Group to lease 178 plots of land owned by Protelindo, and 369 plots of land owns by Mitratel. The tenancy period is also valid for 10 years.
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