PERUSAHAAN PERSEROAN PERSERO P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued DECEMBER 31, 2010 AUDITED AND SEPTEMBER 30, 2011 UNAUDITED AND
NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2010 AND 2011 UNAUDITED Figures in tables are presented in millions of Rupiah, unless otherwise stated
64
20. TWO-STEP LOANS continued
Interest Interest
Payment payment
rate Lenders
Currency schedule
period per annum
Overseas bank US
Semi-annually Semi-annually 4.00 - 6.67
Rp. Semi-annually Semi-annually
7.57 - 7.73 Yen
Semi-annually Semi-annually 3.10
The loans are intended for the development of telecommunications infrastructure and supporting equipment. The loans are payable in semi-annual installments and are due on various dates through
2024.
Since 2008, the Company has used all facilities under the two-step loans program and the drawdown period for the two-step loans has expired.
The Company is required to maintain financial ratios as follows: a. Projected net revenue to projected debt service ratio should exceed 1.5:1 and 1.2:1 for the
two-step loans originating from the World Bank and Asian Development Bank “ADB”, respectively.
b. Internal financing earnings before depreciation and interest expense should exceed 50 and 20 compared to annual average capital expenditures for loans originating from World Bank and
ADB, respectively. As of September 30, 2011, the Company complied with the above mentioned ratios.
Refer to Note 44 for details of related party transactions. 21. BONDS AND NOTES
December 31, 2010 September 30, 2011
Outstanding Outstanding
Original Original
currency Rupiah
currency Rupiah
Bonds and notes Currency
in millions equivalent
in millions equivalent
Bonds Series A
Rp. -
1,005,000 -
1,005,000 Series B
Rp. -
1,995,000 -
1,995,000 Medium Term Notes “MTN”
Metra Rp.
- 47,000
- 39,000
Sigma Rp.
- 30,000
- 30,000
Finnet Rp.
- 23,750
- 19,700
Promissory Notes PT. ZTE Indonesia “ZTE”
US 7.08
63,824 10.41
91,598 Huawei Tech
US 23.46
211,524 54.96
483,679 Total
3,376,098 3,663,977
Current maturities Note 19a 126,719
290,008
Long-term portion Note 19b 3,249,379
3,373,969
PERUSAHAAN PERSEROAN PERSERO P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued DECEMBER 31, 2010 AUDITED AND SEPTEMBER 30, 2011 UNAUDITED AND
NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2010 AND 2011 UNAUDITED Figures in tables are presented in millions of Rupiah, unless otherwise stated
65
21. BONDS AND NOTES continued a. Bonds
Interest Interest
Listed Issuance
Maturity payment
rate Bonds
Principal Issuer
on date
date method
per annum
Series A 1,005,000 The Company
IDX June 25, 2010 July 6, 2015
Quarterly 9.60
Series B 1,995,000 The Company
IDX June 25, 2010 July 6, 2020
Quarterly 10.20
Total 3,000,000
The bonds are secured by all assets owned by the Company. The underwriter of the bonds are PT Bahana Securities, PT Danareksa Sekuritas and PT Mandiri Sekuritas. And the trustee is PT
CIMB Niaga Tbk.
The Company received the proceeds of the issuance of bonds on July 6, 2010.
The funds received from public offering of bonds net of issuance costs, are to be used for increasing capital expenditure which consisted of: wave broadband bandwidth, softswitching,
datacom, information technology and others, infrastructure backbone, metro network, regional metro junction, internet protocol, and satellite system, and optimizing legacy and supporting
facilities fixed wireline and wireless.
As of September 30, 2011, the rating for the bonds issued by PT Pemeringkat Efek Indonesia Pefindo is idAAA stable outlook.
Based on indenture trusts agreement, the Company is required to comply with all covenants or restrictions including maintaining financial ratios as follows:
1. Debt to equity ratio should not exceed 2:1. 2. EBITDA to interest expenses ratio should not be less than 5:1.
3. Debt service coverage is 125
As of September 30, 2011, the Company complied with the above mentioned ratios. b. MTN
Interest Issuance
Maturity payment
Notes Principal
date date
method
MTN Metra
Phase 1 30,000
June 9, 2009 June 19, 2012
Quarterly Phase 2
20,000 February 1, 2010
February 2, 2013 Quarterly
Sigma 30,000
October 16, 2009 November 17,2014
Semi-annually Finnet
Phase 1 10,000
October 16, 2009 November 17, 2012 Monthly
Phase 2 15,000
March 18, 2010 March 24, 2013
Monthly
The Arranger of the Medium Term Notes is PT Bahana Securities, Bank Mega is acting as Trustee, and PT Kustodian Sentral Efek Indonesia “KSEI” acting as Collecting Agent and
Custodian.