Aug 1, 2011

Protelindo upsizes loan to US$482 mio

Telecommunication tower provider PT Profesional Telekomunikasi Indonesia, a wholly owned subsidiary of PT Sarana Menara Bersama Tbk (TOWR), secured a syndicated loan facilities worth US$482.26 million on July 29 2011.
Haryo Dewanto, TOWR Corporate Secretary, in an official statement to Indonesia Stock Exchange, said Protelindo secured the facility from 14 lenders in Asia Pacific.
DBS Bank Ltc, Oversea-Chinese Banking Corporation Limited, The Royal Bank of Scotland, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, and ING Bank N.V. Singapore, were acting as original mandated lead arrangers and bookrunners.
"Initially, we targeted to tap US$300 million. But, due to positive demand, the facility has oversubscribed," he said. Protelindo has used the 5 year-facility to refinance high interest subordinated loan of US4103 million, settle part of US$337.81 million amortization, and financing of tower and construction acquisition.
Sarana Menara is owned by children of two siblings of Djarum family's namely Michael Bambang Hartono and his younger brother Robert Budi Hartono.
Martin Basuki Hartono, son of Robert Hartono, is currently acting as the president commissioner at Sarana Menara. Michael Hartono owns 24.55% stake in Sarana Bersama through PT Caturguwiratna Sumapala and Robert Hartono owns 25.55% stake in Sarana Bersama through PT Tricipta Mandhala Gumilang.
Disclosure: No position at the stock mentioned above.
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