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NEW UPDATES Asean Affairs   19 February  2015  

Solusi Tunas to issue $300m bonds

Publicly listed tower company PT Solusi Tunas Pratama (SUPR) plans to reap US$300 million in bonds, with some lenders ready to become mandated lead arrangers for the bonds.

The firm will issue the bonds through its wholly-owned subsidiary Pratama Agung Pte. Ltd., along with PT Sarana Inti Persada, SUPR, PT Platinum Teknologi, PT Gema Dwimitra Persada and PT Bit Teknologi, according to information published on the Indonesia Stock Exchange website on Monday.

SUPR has signed a purchase agreement with BNP Paribas, Hongkong and Shanghai Banking Ltd., ING Bank NV Singapore branch, JP Morgan Ltd. and Standard Chartered Bank, in which they will become the lead arrangers, the information stated.

“The purchase agreement basically stipulates a condition whereby Pratama is committed to selling [the bonds] to the lead arrangers and the lead arrangers are committed to buying [the bonds] from Pratama,” SUPR corporate secretary Juliawati Gunawan said in a statement.

According to the published information, the bonds will mature in 2020 with a coupon rate of 6.25 percent. The firm is slated to issue the bonds on Feb. 24.

Juliawati told The Jakarta Post on Tuesday that the bonds were already oversubscribed almost four times [during the book-building period]. “[Even so,] we don’t have any plan yet to increase the number of bonds offered,” she said.

The firm’s extraordinary shareholders meeting in December last year agreed to give a green light for the company to raise $650 million in global bonds to refinance its debts.

Rating agency Fitch has previously assigned the firm’s $300 million-bonds “BB-(EXP)”.

SUPR will use all the proceeds of the note issue to partially refinance its six-month $790 million-bridge loan facility that was used to finance the acquisition of 3,500 towers from PT XL Axiata worth Rp 5.6 trillion ($438.8 million), the ratings agency stated as quoted by Reuters.

The bridge loan of $790 million was partly refinanced through an equity offering of Rp 2.4 trillion.

The firm has previously stated that it would use around Rp 1.7 trillion of the raised funds from the right issue to pay the loan facility, while another Rp 440.5 billion would be used for working capital.

SUPR’s liabilities stood at Rp 4.02 trillion as of September last year, with total equity hitting Rp 1.9 trillion, according to the firm’s financial report.

SUPR is likely to add only around 500 to 600 towers in 2015 to 2017, much lower than 1,500 to 2,000 annual tower additions by PT Tower Bersama Infrastructure and PT Profesional Telekomunikasi Indonesia — a subsidiary of publicly listed firm PT Sarana Menara Nusantara (TOWR).

Fitch estimated that SUPR’s operating EBITDAR (earnings before interest, taxes, depreciation, amortization and restructuring or rent costs) margin will stand at around 82 to 84 percent this year. - See more at:

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This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

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