JAKARTA (TheInsiderStories) – Telecommunication tower operator, PT Tower Bersama Infrastructure Tbk (TBIG) will issue local bonds of up to Rp700 billion (US$47.62 million) in September, said the management. These bonds are part of an ongoing public offering with a total target fund of Rp7 trillion.
Based on the company’ prospectus published on Wednesday (08/19), the bond have two series with a one and three years tenure. The joint lead underwriters for the bond issuances are PT CIMB Niaga Sekuritas, PT DBS Vickers Sekuritas Indonesia, and PT Indo Premier Sekuritas.
The initial offering period start from August 18 to 26 and public offering period is expected to take place on Sept. 2 – 3 of 2020 after Tower Bersama receiving an effective statement from the Financial Services Authority. This bond has received an AA- rating from the Fitch Ratings.
All of the proceeds from the issuance of the bonds will be used to repay part of a portion of the principal debt of existing debt of its unit PT Solu Sindo Kreasi Pratama about Rp700 billion. The bond have a fixed interest rate of 8.4 percent per year and will mature on Sept. 19.
Recently, director of Tower Bersama, Helmy Yusman Santoso, said the company did not carry out the share buyback until the end of the end of the period on June 23, 2020 caused focused on the debt refinancing. On March 23, the issuer was planning to buy back its shares on the secondary market in line with the buyback direction without a shareholders approvals was permitted by the regulator.
While, its parent PT Wahana Anugerah Sejahtera, unit of private equity firm, PT Saratoga Investama Sedaya Tbk (IDX: SRTG), has sold 175 million shares or equivalent to 0.78 percent of fully shares and paid up capital of tower operator the provider. The share sales is estimated worth of Rp224 billion.
Before sold the unit’ shares, the venture capital firm had spent Rp1.08 trillion to increased the portion of its ownership at the unit since early of 2020.On July 23, Saratoga purchased 23.82 million shares of Tower Bersama at Rp4,000 a unit. While. Wahana bought the shares twice on July 19 and 23, with total amount 245.03 million shares at the same price.
After the transaction, the ownerships of Wahana slightly dropped to 32.96 percent from initially 33.74 percent. The rest was hold by PT Provident Capital Indonesia 26.73 percent, Winato Kartono 0.63 percent, Edwin Kartono 0.63 percent, Edwin Soeryadjaya 0.33 percent, other parties and public 36.58 percent.
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