Sarana Menara gets loan facility worth Rp350 billion from DBS Indonesia

Indonesia tower operator PT Sarana Menara Nusantara Tbk (IDX: TOWR) through its unit PT Profesional Telekomunikasi Indonesia (Protelindo) and iForte Solusi Infotek, a leading micro-cell tower provider, have signed one year revolving loan facility agreement worth Rp350 billion with PT Bank DBS Indonesia. Sarana Menara’s Corporate Secretary Arif Pradana, said in a statement, the loan interest rate is based on JIBOR plus 2.15 percent per annum and will be used to refinance part of iForte’s debt. The facility agreement has signed on August 11. On May 13, Protelindo signed an agreement to acquire 100% of iForte shares from Saratoga Group. At the time, Protelindo also entered into an Assignment Agreement in relation to all outstanding bonds and warrants issued by iForte. The acquisition of iForte by Protelindo will add business portfolios of Sarana Menara, which currently has 11,675 towers with 20,325 tenants as of March 2015.