JAKARTA (TheInsiderStories) – Tower provider owned by the Saratoga Group, PT Tower Bersama Infrastructure Tbk (IDX: TBIG), obtained a revolving credit facility US$275 million from the global and local banks, announced by the management. The lenders are PT Bank BNP Paribas Indonesia, PT Bank CIMB Niaga Tbk (IDX: BNGA), Credit Agricole Corporate and Investment Bank.
Then, DBS Bank Ltd., PT Bank HSBC Indonesia, PT Bank Mizuho Indonesia, Oversea-Chinese Banking Corporation Ltd., PT Bank OCBC NSIP Tbk (IDX: NISP), Sumitomo Mitsui Banking Corporation (Singapore Branch), and United Overseas Bank Limited. Acting as security agent was Singapore-based United Overseas Bank Limited.
The new facility is part of a total commitment by the banks up to $645 million to Tower Bersama which is referred as Facility F. The loans will mature in June 2026 and has a Libor plus 175 basis points of ate or 25 basis points lower than Facility D.
According to CEO of the company, Hardi Wijaya Liong, the funds would be used to pay its existing loan worth of $275 million or Facility D. Early January, the provider had issued senior unsecured notes that also has maturity in 2026 with total valued of $300 million. The bonds have an interest rate of 2.75 percent and get BBB- rating from Fitch Ratings.
“The new F Facility and notes have reduced our interest costs and extended our average tenure of our debt,” said the CEO of Tower Bersama.
The tower manager would acquire 3,000 towers of PT Inti Bangun Sejahtera Tbk (IDX: IBST). The company through its subsidiary PT Tower Bersama, has signed a Conditional Asset Sale and Purchase Agreement with the seller for the purchase the towers with worth of Rp3.97 trillion. This transaction is expected to be completed the first quarter of 2021.
Tower Bersama is a telecommunications infrastructure provider company for the placement of base transceiver stations by telecommunications operators in Indonesia. Its telecommunications sites consist of 15,473 towers and 116 watershed networks. With total rentals in telecommunication towers totaling 28,624, the company’ collocation ratio will be 1.85.
Written by Editorial Staff, Email: email@example.com