Indonesian tower company Solusi Tunas Pratama (STP) has used part of a US$308m loan signed in March to refinance its Rp1.08 trillion (US$106.4m) maturing debt.
Some of the financing has and will also be used for the acquisition and building of new…
Indonesian tower company Solusi Tunas Pratama (STP) has used part of a US$308m loan signed in March to refinance its Rp1.08 trillion (US$106.4m) maturing debt.
Some of the financing has and will also be used for the acquisition and building of new towers, a company spokesperson said, adding that US$205m overall have already been drawn down.
But the company declined to comment on how the money has been used precisely.
In late March Carlyle-backed STP secured a five-year US$308m loan from DBS Bank and Standard Chartered. The facility was split between a US$258m term loan, a US$25.8m revolving loan and a Rp250bn (US$24.6m) revolver.
A few weeks later, in mid-May, president director Nobel Tanihaha told reporters in Jakarta that his company may take over existing towers to boost its revenues.
STP also plans to build between 800 and 1,000 towers this year to reach its 50% growth target, Tanihaha said at the time, with each tower costing approximately US$120,000 to build.
The company currently operates approximately 3,000 sites across the country. Its main customers include mobile operators Bakrie Telecom, XL Axiata and Hutchison Telecommunications.
In early January, Solusi Tunas acquired 300 towers from Hutchison for an undisclosed value. Shortly after, it was suggested that STP might be among the potential candidates to merge its tower assets with that of Indonesian incumbent Telkom.
