SUBORDINATED LOANS Tax assessment letters continued
PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2014 AND 2013
Expressed in millions of Rupiah, unless otherwise stated
Appendix 5125 37. SUBORDINATED LOANS continued
Two-Step Loans TSL continued
b Asian Development Bank ADB continued The ADB loans for Micro Credit Projects was granted in SDR Special Drawing Rights currency in
amount of SDR15,872,600.44 full amount which required Bank Mandiri to repay in SDR currency to the Government in 50 fifty prorate semi-annual installments every 15 January and
15 July, with the first installment paid on 15 January 2005 and will ended on 15 July 2029. The ADB loans are subject to a service charge of 1.50 per annum which is charged on every
15 January and 15 July every year starting from its drawdown.
Bank Indonesia
This account represents loans arising from the conversion of Bank Indonesia’s Credit Liquidity which was used to enhance the capital structure of PT Bank Dagang Negara BDN and PT Bank
Pembangunan Indonesia Persero Bapindo. BDN and Bapindo were the ex-legacy of the Bank. The details of this facility as at 31 December 2014 and 2013, are as follow:
Bank Tenor
2014 2013
Interest Rate
PT Bank Mandiri Persero Tbk.
30 November 2004 –30 June 2014 with 1
st
installment on 30 November 2004
- 687,153
0.20 per annum
- 687,153
Bank Indonesia agreed to restructure the subordinated loans of BDN amounting to Rp736,859 and from Bapindo previously recorded as Loan Capital amounting to Rp1,755,000 as stated in Bank
Indonesia letter No. 6360BKr dated 23 November 2004 regarding the Restructuring of Subordinated Loans. Under the restructuring, the subordinated loans of both ex-legacies are combined into the
amount of Rp2,491,859, with a repayment period of 10 ten years from 2004 to 2014. The restructured loan bears an interest rate of 0.20 per annum which is calculated based on the
remaining principal loan balance. The restructuring of the subordinated loans was legalised in the notarial deed of Restructuring Agreement of Subordinated Loan No. 4 dated 7 December 2004 by
Notary Ratih Gondokusumo Siswono, S.H. in Jakarta.
Based on Bank Indonesia letter No. 14327DKBU dated 19 December 2012 regarding the Restructuring of Subordinated Loans, Bank Indonesia agreed to restructure the subordinated loans by
changing the composition of principal amount installment over the remaining period and required additional collateral pledged in form of Government Bonds VR0029 series amounting to Rp2,061,459
without preference rights Note 8c. The restructuring of the subordinated loans was legalised in the notarial deed No. 15 regarding the Addendum of the Restructuring of Subordinated Loans Agreement
and notarial deed No. 16 regarding the submission of Collateral, which both dated on 19 December 2012 by Notary Mutiara Siswono Patiendra, S.H. in Jakarta. This loan has been repaid at maturity
date in 2014.
PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2014 AND 2013
Expressed in millions of Rupiah, unless otherwise stated
Appendix 5126 37. SUBORDINATED LOANS continued
Subordinated Bond Rupiah Bank Mandiri I 2009
In order to strengthen the capital structure and support the loan expansion, on 14 December 2009, Bank Mandiri has issued Subordinated Bond Rupiah Bank Mandiri I 2009 Subordinated Bond
amounting to Rp3,500,000. The proceeds from the issuance of Subordinated Bond is treated as lower tier 2 capital in accordance with regulation of Bank Indonesia. As at 31 December 2014, the
unamortised issuance cost of Subordinated Bond is amounting to Rp Rp7,467 2013: Rp10,571.
The Subordinated Bond has obtained an approval from Bank Indonesia through the letter No. 11IIIDPB1TPB1-1 dated 14 December 2009 and became effective through the letter of
Chairman of the Financial Service Authority OJK formerly Capital Market Financial Institutions Supervisory Agency Bapepam and LK, No. S-10414BL2009 dated 3 December 2009.
Bank Mandiri had listed the Subordinated Bond at the Indonesia Stock Exchange BEI on 14 December 2009, based on announcement from BEI on 11 December 2009. The Subordinated
Bond has tenor of 7 seven years and will mature on 11 December 2016, issued as scripless trading with a fixed coupon rate of 11.85 per annum. The trustee for the Subordinated Bond issued is
PT Bank Permata Tbk.
The interest on the Subordinated Bond are payable quarterly, with the first interest payment date on 11 March 2010 and the last payment date including the maturity date of the Subordinated Bond on
11 December 2016. The Bank has paid the interest of Subordinated Bond in accordance to the interest payment schedule.
There was no breach to the covenant of trusteeship agreement of Subordinated Bond for the period 1 January 2014 to 31 December 2014.
As at 31 December 2014 and 2013, the rating of the Subordinated Bond based on Pefindo was
id
AA+ double A Plus.