PERUSAHAAN PERSEROAN PERSERO P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS UNAUDITED continued JUNE 30, 2009 AND 2010
SIX MONTHS PERIOD ENDED JUNE 30, 2009 AND 2010 Figures in tables are presented in millions of Rupiah, unless otherwise stated
57
22. NOTES continued
a. MTN Metra continued The first interest for second phase MTN is set together by the Issuer and Arranger at 12.01
which will be paid on May 2, 2010, while for the second and forward will be set by the Trustee with considering the requirement stated in the main agreement.
Metra secures with a minimum value of 40 of the outstanding MTN principal. The maximum value of 60 of the outstanding MTN principal is unsecured and at all times ranked pari passu
with other unsecured debts of Metra. Metra may buy back all or part of the MTN at any time before the maturity date of the MTN.
Based on the agreements, Metra is required to comply with all covenants or restrictions including maintaining financial ratios as follows:
1. Debt to Equity maximum 1.5:1 2. EBITDA to Interest Ratio minimum 2.5.
As of June 30, 2010, Metra complied with the above mentioned ratios.
b. MTN Sigma On October 16, 2009, Sigma entered into an agreement with Bahana Securities acting as
“Arranger” and Bank Mega acting as “Trustee” to issue MTN for a total principal amount of Rp.30,000 million. KSEI acting as Collecting Agent and Custodian. Proceeds from issuance of
MTN were used to expand the business.
MTN are scheduled to be issued in 1 one phase with limited placement for a maximum amount of Rp.30,000 million with repayment at the latest in 5 five years after the Issuance Date, which
will mature on November 17, 2014.
Interest on MTN is payable semi-annually beginning from the Issuance Date, through the Due Date. The MTN bear interest rates, for the first year of 14.5 from the Issuance Date, for the
second up to the fifth years from the Issuance Date based upon the average interest rate on one- month SBI plus 800 basis points premium, calculated on the basis of the average interest rates of
one-month SBI in the last 6 months at the time of the determination of the interest of MTN.
MTN are not secured by a specific collateral, but secured by all Sigma’s assets which are movable property or fixed property, either existing or in the future will become collateral for MTN
holders and at all times ranked pari passu without any preference with other creditor previleges in accordance with prevailing regulations.
Based on the agreements, Sigma is required to comply with all covenants or restrictions including maintaining financial ratios as follows:
1. Debt to Equity maximum 2.5:1 2 Funded debt and maximum of five times EBITDA in 2009, three and a half times in 2010 and
two and a half times in 2011.
As of June 30, 2010, Sigma complied with the above mentioned ratios.
PERUSAHAAN PERSEROAN PERSERO P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS UNAUDITED continued JUNE 30, 2009 AND 2010
SIX MONTHS PERIOD ENDED JUNE 30, 2009 AND 2010 Figures in tables are presented in millions of Rupiah, unless otherwise stated
58
22. NOTES continued c. MTN Finnet
On October 16, 2009, Finnet entered into an agreement with Bahana Securities acting as “Arranger” and Bank Mega acting as “Trustee” to issue MTN for a total principal amount of
Rp.25,000 million. KSEI acting as Collecting Agent and Custodian. Proceeds from issuance of MTN were used for the investment of hardware and software, project development and bridging
loan payments for projects.
MTN are scheduled to be issued in a maximum of 2 two phases with limited placement for a maximum amount of Rp.25,000 million with issuance at the latest in 17 seventeen months from
the MTN Issuance Date of the first phase. The first phase, which was issued for Rp.10,000 million, will mature on November 17, 2012. Repayment of the principal are 1 each month on the
7
th
until 12
th
month, 2 each month on the 13
th
until 35
th
month, and the remaining 48 will be paid on November 17, 2012.
On March 18, 2010, Finnet issued the second phase of MTN amounted to Rp.15,000 million which will mature on March 24, 2013.
Interest on MTN were payable monthly beginning from the Issuance Date, through the Due Date. The MTN bear interest rates of 16.25 per annum.
MTN are not secured by a specific collateral, but secured by all Finnet’s assets which are movable property or fixed property, either existing or in the future will become collateral for MTN
holders and at all times ranked pari passu without any preference with other Finnet’s creditor previleges in accordance with prevailing regulations. Finnet may buy back all or part of the MTN
at any time before the maturity date of the MTN.
Based on the agreements, Finnet is required to comply with all covenants or restrictions including maintaining financial ratio as follows:
1. Debt to Equity maximum 2.5:1 2. EBITDA to Interest Ratio minimum 2.5.
As of June 30, 2010, Finnet complied with the above mentioned ratios.
d. Supplier Financing ZTE On December 10, 2009, the Company entered into a supplier financing agreement with ZTE. The
unsecured facility covered 85 of Hand Over Report “Berita Acara Serah Terima” or BAST I Procurement and Installation MSAN ALU and Secondary Access Batch 2.
The facility bear a fixed interest rate six-month London Interbank Offered Rate “LIBOR” plus 2.5 per annum US which is payable in 5 semi-annual installment commencing in
December 2009. The principal outstanding as of June 30, 2010 amounted to US1.44 million equivalent to Rp.13,025 million.
