PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2003, April 30, 2003 and December 31, 2002 Expressed in millions of Rupiah, unless otherwise stated
91
24. SECURITIES ISSUED continued
During the first stage of the program, Bank Mandiri has issued Senior Notes amounting to US300,000,000 full amount at 99.482 with a coupon of 7.00 per annum and which mature on
April 22, 2008. The US300 million MTNs are hedged with an interest rate swap instrument. The MTNs are recognized at their fair value as adjusted by the hedging transaction, which fair value
adjustment as of December 31, 2003 amounted to US538,610 full amount or equivalent to Rp4,538 Note 10.
During 2003 there were no installments nor early redemptions of securities issued. During 2002 the Bank made repayments for securities issued totaling US210,000,000 full amount.
All FRN Bank Exim holders exercised the put option amounting to US130 million full amount on September 19, 2002. On November 14, 2002, some of the FRN BDN holders have exercised the
put option amounting to US163 million full amount out of the nominal amount of US180 million full amount. On the put option date, the Bank has paid US1,343,000 full amount as sweetener
fee to the bondholders which did not exercise their put option, and of that amount, the unamortized balance was recorded as other liabilities. As of December 31, 2003, the total unexercised option
amounts to US17,000,000 full amount and will mature through December 2005. During 2002, the Bank settled liabilities for Securities Issued amounting to US364,000,000 full
amount. Options which were not exercised as of December 31, 2002 amounting to US125,000,000 full amount will mature on various dates through December 2004.
25. FUND BORROWINGS
December 31, April 30, December 31,
2003 2003
2002
Rupiah: Bank Indonesia a
1,199,492 1,378,444
1,464,340 Bank Ekspor Indonesia b
908,929 1,706,449
1,940,392 PT Permodalan Nasional Madani Persero d
359,254 236,438
225,652 Others e
150,000 -
- 2,617,675
3,321,331 3,630,384 Foreign Currency:
Bank Ekspor Indonesia b 1,296,290
840,640 1,441,681
Exchange Offer Loans c 4,362,486 8,053,380
8,308,195 Others f
258,718 442,928
279,276 5,917,494
9,336,948 10,029,152 8,535,169
12,658,279 13,659,536
PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2003, April 30, 2003 and December 31, 2002 Expressed in millions of Rupiah, unless otherwise stated
92
25. FUND BORROWINGS continued
The Bank has no fund borrowings from related parties.
a Bank Indonesia
This account represents credit liquidity facility obtained from Bank Indonesia BI, which are re- loaned to Bank Mandiri customers under Government Credit Program. The management and
monitoring of the credit facility were performed by PT Permodalan Nasional Madani Persero, a state owned company, based on Law No. 231999 dated May 1999 regarding BI, BI Regulation
No. 23PBI2000 dated February 1, 2000 and BI Regulation No. 520PBI2003 dated September 2003 regarding the Hand-over of Management of Credit Liquidity of Bank Indonesia Under Credit
Program. This facility is subject to interest at rates ranging from 3 to 10 per annum and will mature on various dates through 2017. The details of this account are as follows:
December 31, April 30, December 31,
2003 2003
2002
Rupiah: Investment Loans KI
303,917 444,770
510,814 Small-Scale Working Capital Loans KUK - KKPA
514,679 525,871
530,445 Small-Scale Investment Loans KIK
380,846 407,753
423,031 Working Capital Loans KMK
50 50
50
1,199,492 1,378,444
1,464,340
b Bank Ekspor Indonesia This account represents credit facilities for export working capital obtained from Bank Ekspor
Indonesia based on the facility agreement No. 064PPF122000 dated December 12, 2000 between PT Bank Ekspor Indonesia Persero and PT Bank Mandiri Persero. The agreement is
for the period from December 20, 2000 until December 19, 2001, and was extended to December 17, 2004. The facilities were re-loaned to direct and indirect exporter customers of
Bank Mandiri and bear interest at market rates.
c Exchange Offer Loans In accordance with the Government’s debt restructuring program for banks, Bank Mandiri
exchanged certain non-Rupiah denominated obligations obtained from foreign banks for new borrowings with extended maturities, and guaranteed by Bank Indonesia pursuant to the
exchange offer memorandum in the Master Loan Agreement as follows:
December 31, April 30,
2003 2003
US Rp US Rp
in full amount Equivalent
in full amount Equivalent
Exchange Offer Loan II 517,802,500 4,362,486
928,290,000 8,053,380
517,802,500 4,362,486
928,290,000 8,053,380
December 31, 2002
US Rp
in full amount Equivalent
Exchange Offer Loan II 928,290,000
8,308,195 928,290,000
8,308,195
