PERUSAHAAN PERSEROAN PERSERO PT TELEKOMUNIKASI INDONESIA Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended
Figures in tables are expressedin billions of Rupiah, unless otherwise stated
64
20. BONDS AND NOTES continued
a. Bonds continued The bonds are secured by all of the Company’s assets, movable or non-movable, either existing
or in the future Note 11c.x. The underwriters of the bonds are Bahana, PT Danareksa Sekuritas and PT Mandiri Sekuritas and the trustee is PT CIMB Niaga Tbk.
The Company received the proceeds from the issuance of bonds on July 6, 2010. The funds received from the public offering of bonds net of issuance costs, were used to increase
capital expenditures 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 to optimize legacy and supporting facilities fixed wireline and wireless.
As of December 31, 2014, the rating of the bonds issued by PT Pemeringkat Efek Indonesia Pefindo is idAAA stable outlook.
Based on the 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 finance costs ratio should not be less than 5:1.
3. Debt service coverage is 125. As of December 31, 2014, the Company has complied with the above mentioned ratios.
b. MTN
Interest Interest
Issuance Maturity
payment rate
Notes Currency Principal
date date
period per annum
GSD Series A
Rp 220 November 14, 2014 November 14, 2019 Semi-annually
11
Based on Agreement of Issuance and Appointment of Monitoring and Insurance Agents of Medium Term Notes MTN PT Graha Sarana Duta year 2014 dated November 13, 2014 as
covered by notarial deed No. 30 of Arry Supratno, S.H., GSD will issue MTN with the principle amount up to Rp500 billion in series.
PT Mandiri Sekuritas act as the Arranger, Bank Mandiri as the Monitoring and Insurance Agent, and KSEI as Custodian. The Funds obtained from MTN are used for investment projects.
Trade receivables, inventories, land and building related with investment development funded by MTN that has owned or will be owned by GSD, have been pledged as collateral for MTN Notes 6,
7 and 11. According to the agreement, GSD is required to comply with all covenants or restrictions including
maintaining financial ratios as follows : 1. Debt to equity ratio should not exceed 6.5:1
2. EBITDA to interest ratio should not be less than 1.2:1 3. Minimum current ratio is 120
4. Maximum leverage ratio is 450 On December 31, 2014, GSD has complied with the above mentioned ratios.
PERUSAHAAN PERSEROAN PERSERO PT TELEKOMUNIKASI INDONESIA Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended
Figures in tables are expressedin billions of Rupiah, unless otherwise stated
65
20. BONDS AND NOTES continued
c. Promissory Notes
Interest Interest
Principal Issuance
Payment payment
rate Supplier
Currency in billions date
schedule period
per annum
PT Huawei US
0.3 June 19, 2009
Semi-annually Semi-annually 6 month LIBOR+2.45
0.2 April 30, 2013 January 11,2015-
6 month LIBOR+1.5 July 30, 2016
ZTE US
0.1 August 20, 2009
a
Semi-annually Semi-annually 6 month LIBOR+1.5
February 4, 2015- February 4, 2017
a
based on the latest amendment on August 15, 2011
Based on Agreement of Frame Supply and Deferred Payment Arrangement between the Company and ZTE and PT Huawei, the promissory notes issued by the Company to each of ZTE
and PT Huawei are vendor financing facilities with no collateral covering 85 of Hand-over Report “Berita Acara Serah Terima” projects with ZTE and PT Huawei.
21. BANK LOANS
2014 2013
Outstanding Outstanding
Original Original
currency Rupiah
currency Rupiah
Lenders Currency in millions
equivalent in millions equivalent
BRI Rp
- 3,398
- 3,035
US 1
6 -
- Syndication of banks
Rp -
2,200 -
2,426 BNI
Rp -
2,195 -
1,305 Bank Mandiri
Rp -
1,750 -
722 The Bank of Tokyo-Mitsubishi-
UFJ, Ltd. Rp
- 600
- -
Bank CIMB Niaga Rp
- 567
- 365
ABN Amro Bank N.V. Stockholm “AAB
Stockholm” and SCB US
38 478
55 673
Japan Bank for International Cooperation “JBIC”
US 34
424 18
219 BCA
Rp -
373 -
858 Others
Rp -
10 -
32 US
- -
1 12
Total 12,001
9,647 Unamortized debt issuance cost
71 56
11,930 9,591
Current maturities Note 18a 4,052
3,956
Long-term portion Note 18b 7,878
5,635
Refer to Note 37 for details of related party transactions.
