Apr 16, 2011

Bintaro Serpong pays Rp100 bio debt

Toll road operator of Serpong-Pondok Aren secton PT Bintaro Serpong Damai, a subsidiary of PT Nusantara Infrastructure Tbk (META), paid a Rp100 billion debt facility under term loan 2 to Bank Mega in February 2011.
At end of December last year, Bintaro Serpong recorded Rp215.09 billion and Rp198.04 billion debt facilities under term loan 1 and 2 respectively.
Initially, Bintaro Serpong obtained 8-year debt facility of Rp230 billion under term loan from Bank Mega on February 16 2008 with an annual interest rate of 12.5%.
The loan facility is pledged by Bintaro Serpon's shares owned by Nusantara Infrastructure and Serpong-Pondok Aren toll road revenue.
On September 24 2009, Bintaro Serpong obtained additional facility of US$21.45 million with annual interest rate of 9%. As a result, the debt composition was changed into TL1 of Rp230 billion and TL2 of Rp200 billion.
Bintaro Serpong is the most 'precious' subsidiary for Nusantara Infrastructure. At end of last year, Serpong-Pondok Aren toll road, operated by Bintaro Serpong, contributed Rp101.02 billion revenue to Nusantara Infrastructure.
Tallo-Bandara Hasanuddin (Makassar) toll road section contributed Rp46.23 billion revenue and Soekarno Hatta Port-Pettarani (Makassar) toll road section contributed Rp37.36 billion.
Rajawali Corpora, owned by Indonesian tycoon Peter Sondakh, acquired 23.63% shareholding in Nusantara Infrastructure via PT Hijau Makmur Sejahtera and the founder, PT Bosowa Trading Internasional still owns 20.12% shareholding.
Nusantara posted Rp34.48 billion net loss before effect of proforma adjustment, narrowed from Rp41.79 billion net loss in 2009. Nusantara Infrastructure on last Friday rose 3.85% to Rp270 per share.
Acquisitions
Nusantara used net proceed from rights issue of Rp744.63 billion to early pay of Rp100 billion debt to Bank Mega.
The company utilized Rp245 billion of the proceed to acquire 99.97% shareholding in PT Margautama Nusantara, a company focusing on infrastructure business. About Rp296.92 billion of the proceed has been used to indirectly acquire 27% stake in PT Jakarta Lingkar Baratsatu, a company focusing on planning, operating, and maintenance of toll road.
Disclosure: No position at the stock mentioned above.


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