Dec 23, 2010

Protelindo secures US$30 million loan

Telecommunication tower provider PT Profesional Telekomunikasi Indonesia (Protelindo), wholly owned subsidiary of PT Sarana Menara Nusantara Tbk (TOWR), has secured US$30 million loan facility on December 23 2010 from several lenders.
Protelindo has sealed the facility from ABN Amro Bank N.V., Jakarta branch, DBS Bank Ltd, Oversea-Chinese Banking Corporation Limited, and Standard Chartered Bank. They are acting as mandated lead arrangers. Royal Bank of Scotland Plc and PT Bank Central Asia Tbk act as facility agent and common security agent.
Two controlling shareholders in Sarana Menara, PT Tricipta Mandhala Gumilang and PT Caturguwiratna Sumapala, both as affiliated of Djarum Group, disposed 39% stake in Sarana Menara at Rp12,000 per share or Rp4.76 trillion.
Both sellers had placed the stake to several institutional investors such as PT Schrodes Investment Management and T. Rowe Price, Sarana Menara's managemenet, and affiliated parties.
Post private placement, Tricipta Mandhala controls 25.55% stake and Caturguwiratna Sumapala holds 24.55% stake, while public investors own 49.90%. 

Disclosure: No position at the stock mentioned above.  

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