Indonesian towerco Protelindo and its newly acquired micro-cell provider iForte have secured a Rp350bn (US$25.36m) one-year revolving credit facility to refinance debt.
The loan is guaranteed by Protelindo, the country’s largest independent owner of…
Indonesian towerco Protelindo and its newly acquired micro-cell provider iForte have secured a Rp350bn (US$25.36m) one-year revolving credit facility to refinance debt.
The loan is guaranteed by Protelindo, the country’s largest independent owner of wireless towers and a unit of Sarana Menara Nusantara (IDX:TOWR), and iForte is borrower. Bank DBS Indonesia is facility agent.
The loan’s initial interest rate is based on JIBOR plus 2.15% per annum, and will refinance part of iForte’s debt.
Protelindo acquired iForte in May to add 450 micro-BTS cell towers, VSAT satellite services, and several hotels to its portfolio. It signed an assignment agreement for all of iForte’s outstanding bonds and warrants as part of the deal.
Protelindo claims to have more than 11,600 towers across the entire Indonesian archipelago. Macquarie Capital was financial adviser to Protelindo for its acquisition of iForte, which hired Credit Suisse for financial advice.