JAKARTA (TheInsiderStories) - PT Jasa Marga Tbk (IDX: JSMR) has secured syndicated loans from three stated banks amounting to Rp7.7 trillion to fund the development of Solo-Ngawi and Ngawi-Kertosono (Solo-Ngawi-Kertosono) toll roads.
The Syndicated loans were granted by PT Bank Negara Indonesia Tbk (IDX: BBNI), PT Bank Rakyat Indonesia Tbk (IDX: BBRI) and PT Bank Mandiri Tbk (IDX: BMRI), as joint mandated lead arranger, book runner and agent.
The loans will be channeled to PT Solo Ngawi Jaya and PT Ngawi Kertosono Jaya as the operators and developers of the two toll roads, whose shares are partly owned by PT Jasa Marga Tbk and PT Waskita Toll Road
Syndicated loans are channeled together with PT Sarana Multi Inrastruktur, Indonesia Eximbank, Regional Bank of Central Java, and Regional Bank of Yogyakarta.
According to Bank Rakyat Indonesia press statement, the syndicated financing will be divided into two, namely the syndicated financing for Solo-Mantingan - Ngawi toll road project worth Rp 4.37 trillion, to be developed by PT Solo Ngawi Jaya . While, funding for Ngawi - Kertosono is amounting to Rp 3.37 trillion, which is developed by PT Ngawi Kertosono Jaya.
Each of Mandiri, BNI and BRI provide portion of credit of 24.87 percent. The signing of the syndicated credit facility, which has tenure of 15 years, was held in Jakarta Thursday (April 15).
Solo Ngawi Jaya and Ngawi Kertosono Jaya are joint venture companies between Jasa Marga and PT Waskita Toll Road, in which Jasa Marga holds 59.99 percent, Waskita Toll Road 40 percent and PT Ferino Putra 1 percent shares.
The Solo-Ngawi Toll Road along the 90.10 km and Ngawi-Kertosono along 87.02 km are part of the Trans Java toll road network that has an important role in the flow of transport which can have an impact on the growth of the real sector, as well as connecting the province of Central Java and East Java.
The toll road segments are scheduled to be operational in 2018.
Until the first quarter of 2016, Jasa Marga has operated toll roads along the 608 km or 64 percent of operating toll roads in Indonesia. The total concession owned by the company reached 1,088 km.
This year, Jasa Marga already operates new toll roads, namely Jalan Surabaya-Mojokerto toll-Mojokerto toll road Kriyan Section IV along the 18.47 km. Until the end of the year, there will be two toll roads to be operated, namely the Semarang-Solo toll road Section 3, Bawen-Salatiga (17.5 km), Toll Road Solo-Ngawi Section 1A and Karang Anyar-Sragen (14.68 km).
Waskita Toll Road had a toll road concession totaling 544.10 km, which connecting toll roads in Java, namely Kanci-Pejagan, Pejagan-Pemalang and Pemalang-Batang toll roads. Currently, the toll road that has been operating is the Kanci-Pejagan segment, while Pemalang-Pejagan Section 1 toll road and Pejagan-East Brebes segment are scheduled to be operational in May.
Minister of State Own Enterprises currently plans to set up new holding company for toll road operators under the ministry. The new holding targeting to establish before July. (*)