JAKARTA (TheInsiderStories) – After stopping the sustainable bonds bidding that had been effective in 2018, now publicly listed company, PT Tower Bersama Infrastructure Tbk (IDX: TBIG) is considering to issues new local bonds up to Rp7 trillion (US$451.62 million). As planned, the first issuances is targeted in August.
According to the spokesman, Helmy Yusman Santoso, the company has in discussions with the underwriters PT CGS-CIMB Sekuritas Indonesia, PT DBS Vickers Sekuritas Indonesia, and PT Indo Premier Sekuritas on the values. Part of the proceeds from the bond issuance will use to repay the debt.
“In total, the emission target could be around Rp7 trillion over the two-years period,” he told Investor Daily on Tuesday (04/28) by adding the company prepares to pay off Rp2.15 trillion rupiah bonds will mature in this year.
Commenting on 2020′ targets, Santoso asserted, Tower Bersama not revised its expansion plans, as long as telecommunications operators are not holding back the network capacity expansion. Throughout of this year, the company is targeting to add 3,000 new tenants with capital expenditure around Rp2 trillion.
“Until the first quarter of 2020, there were still strong orders for collocation and construction of new towers,” he explained. Last year, Tower Bersama has a contracted income Rp25.4 trillion, which is equivalent to 5.2 times annualized income.
Last January, a tower manager has sold global bonds with total amount $350 million. The five years notes will have an interest rate of 4.25 percent. Santoso explained, the company will use the proceeds to pay the total outstanding balance of the revolving loan facility of $500 million.
As of third quarter of 2019, the total gross and cash loans and cash equivalents of the provider and its subsidiaries were Rp 23.18 trillion. Last year, Tower Bersama paid off maturing bonds with a principal value of Rp628 billion and an annual interest rate of 8.5 percent. The company used an internal funds to repay the debt.
To strengthened the provider businesses, recently the company has took over two tower companies, PT Gihon Telekomunikasi Indonesia Tbk (IDX: GHON) and PT Visi Telekomunikasi Infrastruktur Tbk (IDX: GOLD). Both of these acquisitions added 1,120 leases and 859 telecommunication sites to the company’s portfolio.
On July 23, 2019, its parent, an Indonesian private equity fund, spent Rp1.08 trillion to raise its ownership in Tower Bersama. Then in Oct. 2, PT Wahana Anugerah Sejahtera sold more than 212.15 million shares or 5.69 percent of enlarged and paid capital in non-regular market.
With price of Rp6,477 a share the provider its estimated to raise funds around Rp1.37 trillion. The share sale through the local securities house, PT Mahakarya Artha Sekuritas and as the buyer is foreign company via PT Credit Suisse Sekuritas.
After the transaction the ownerships of Wahana are lowering to 29.15 percent from previously 34.84 percent. Beside Wahana, Tower Bersama stocks hold by PT Provident Capital Indonesia 25.23 percent, public 39.63 percent and Credit Suisse.
Wahana is the unit of Saratoga, an investment company founded by Edwin Soeryadjaja and Sandiaga Salahuddin Uno. Beside Saratoga (30.80 percent), Tower Bersama shares owned by PT Provident Capital Indonesia, a local investment fund founded by Winato (25.52 percent), and the remaining 45.04 percent hold by public.
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 telecommunication towers and 116 watershed networks. With total rentals in telecommunication towers totaling 28,624, the company’s collocation ratio will be 1.85.
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