Indonesia’s Tower Bersama Infrastructure (TBIG) is issuing a US$350m bond due 2022 to refinance existing debt.
The notes carry a 5.25% coupon and the offer period will close on 10 February, the towerco said in a stock exchange filing.
Proceeds will…
Indonesia’s Tower Bersama Infrastructure (TBIG) is issuing a US$350m bond due 2022 to refinance existing debt.
The notes carry a 5.25% coupon and the offer period will close on 10 February, the towerco said in a stock exchange filing.
Proceeds will partly go towards paying off a one-year US$300m revolver that was secured back in November under a US$1.3bn debt package, which came a month after TBIG bought a 49% stake in Indonesian incumbent Telkom’s tower unit Mitratel through a share swap deal.
ANZ, BofA Merril Lynch, Citi, Credit Agricole, and UBS are reported to be coordinators and bookrunners for the bond, which was given an expected BB rating by Fitch.
The agency recently gave rival towerco Solusi Tunas Pratama an expected first time BB- rating for its planned US$ bond due 2020.
STP aims to use proceeds from its notes to partially refinance a US$790m bridge loan, which backed its recent acquisition of 3,500 towers from local mobile player XL Axiata.
BNP Paribas, HSBC, ING, JP Morgan and Standard Chartered have reportedly been hired to launch the bond.