Indonesian towerco Solusi Tunas Pratama (STP) is reportedly planning to raise Rp10.59trn (US$873.76m) through a rights issue and a bond offering.
The rights issue is targeting Rp2.6trn (US$214.23m) through the release of shares equal to 32.4% of its…
Indonesian towerco Solusi Tunas Pratama (STP) is reportedly planning to raise Rp10.59trn (US$873.76m) through a rights issue and a bond offering.
The rights issue is targeting Rp2.6trn (US$214.23m) through the release of shares equal to 32.4% of its enlarged capital, reported the Jakarta Post citing a prospectus.
Around 80% of the proceeds from the move will go towards refinancing a loan that backed its recent US$460m acquisition of towers from local mobile operator XL Axiata, added the report.
STP plans to raise the rest of its funding goal through issuing seven-year notes, with the plan set to be put to shareholders during a meeting on 18 December.
STP was unable to comment before the press deadline.
According to the Jakarta Post, STP shareholders Kharisma Indah Ekaprima and Cahaya Anugerah Nusantara Holdings intend to participate in the rights issue. They currently hold stakes of around 53.54% and 25.52%, respectively.
