Indonesian tower company Protelindo has secured a five-year US$525m facility, split into three tranches, to refund its debt.
The financing consists of a US$350m term loan A, a €40m (US$50m) term loan B and a US$125m revolver. ING, DBS Bank and…
Indonesian tower company Protelindo has secured a five-year US$525m facility, split into three tranches, to refund its debt.
The financing consists of a US$350m term loan A, a €40m (US$50m) term loan B and a US$125m revolver. ING, DBS Bank and Standard Chartered acted as bookrunners and mandated lead arrangers for the financing.
“The bank market reacted positively during the syndication process, as the offer was 2 times oversubscribed with final participation from more than 33 banks, both international and Indonesian,” the company stated.
Proceeds will be used for general corporate purposes and to part-refinance a US$625m six-month bridge facility provided by ING, DBS and Standard Chartered in December 2012.
The bridge facility was secured to refinance all of Protelindo’s debts and for its acquisition of telecoms towers from Dutch mobile operator KPN in October last year.
The deal saw KPN agreeing to sell and lease back part of its portfolio of towers in the Netherlands to Protelindo. The sale was expected to generate €75m (US$97m) in cash proceeds and result in a book gain of €66m (US$86m).
