JAKARTA (TheInsiderNetwork) – State-owned toll operator PT Jasa Marga Tbk (IDX: JSMR) has obtained syndicated loan amounting Rp7.73 trillion (US$561 million) to finance Batang – Semarang toll road.
The Batang-Semarang toll road is being developed by its unit PT Jasamarga Semarang Batang. The project that will build a 75 kilometer long toll road needs a total of Rp11.04 trillion in investment. It is targeted to finish on 2019.
Lenders PT Bank Mandiri Tbk (IDX: BMRI), PT Bank BNI Tbk (IDX: BBNI), and PT Bank Central Asia Tbk (IDX: BBCA) were the joint mandated lead arrangers and book-runners for the syndicated loan. The loans also supported by other lender PT Bank CIMB Niaga Tbk (IDX: BNGA), PT Sarana Multi Infrastruktur, PT Bank KEB Hana, PT Bank Panin Tbk (IDX: PNBN) and Regional Bank BPD Jateng.
The loan has tenor of 15 years, with an average interest rate about 9.08 per cent.
JSMR saw its profit increased 16.46 percent to Rp2.2 trillion last year, thanks to strong revenue from non-construction business and some other operating income.
The net income increase was also contributed by the company`s effort to control its operating expenses as reflected by earnings before interest, taxes, depreciation and amortization (EBITDA) margin which rose 2.24 percent to 61.43 percent in 2017 from 59.20 percent a year ago.
As of late 2017, JSMR has operated 680 kilometers -long toll roads, making up 62.2 percent of toll roads in the country.