Indonesian towerco Sarana Menara Nusantara (SMN) plans to issue S$180m (US$144m) worth of 10-year notes to refinance debt.
The bonds will carry a 3.25% coupon and will be placed through its Protelindo Finance subsidiary, according to a stock exchange…
Indonesian towerco Sarana Menara Nusantara (SMN) plans to issue S$180m (US$144m) worth of 10-year notes to refinance debt.
The bonds will carry a 3.25% coupon and will be placed through its Protelindo Finance subsidiary, according to a stock exchange filing.
Joint lead managers DBS Bank and Oversea-Chinese Banking Corp (OCBC) have committed to S$90m each.
SMN said the debt to be repaid relates to facilities secured back in May 2013, which includes a US$350m term loan, a €40m term loan and a US$125m revolver. The creditors on that deal were DBS Bank, ING, Standard Chartered, OCBC, BofA Merrill Lynch, BNP, CIMB, SMBC, RBS, JP Morgan and Indonesia Infrastructure Finance.
It was set to mature on 20 May 2018, bearing interest at Libor plus a margin of 3.4%, 3.15% or 2.95% per year depending on its bet debt to running EBITDA ratio.
