PT TRIKOMSEL OKE Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Years Ended December 31, 2009 and 2008 Expressed in Rupiah Unless Otherwise Stated
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11. BANK LOANS - THIRD PARTIES continued
In connection with the dividend payment for 2008 on August 7, 2009, the Company has obtained the waiver letter dated March 19, 2010 from ANZ.
c. On July 3, 2008, the Company entered into a Revolving Facility Agreement from syndicated banks consisting of Citigroup Global Martkets Asia Ltd.,
PT Bank Central Asia Tbk.,
PT Bank Internasional Indonesia Tbk., PT Bank Mandiri Persero Tbk., and PT Bank CIMB Niaga Tbk. formerly PT Bank Lippo Tbk. hereinafter referred as “the Banks”, with Citicorp
International Limited as the facility agent and PT Bank Central Asia Tbk. as the security agent. The syndicated loan consists of Tranche A loan which is a Rupiah denominated facility with a
maximum credit limit of Rp480,000,000,000 and Tranche B loan which is a US Dollar denominated facility with a maximum credit limit of US27,000,000. These syndicated bank loans are payable
after three 3 months from the date of loan drawdown and revolving until the end of the loan facilities term, which will mature in three 3 years and can be extended for another two 2 years.
The agreement requires the Company to maintain certain financial ratios as follows: -
Current assets to current liabilities ratio at the minimum of 110 -
Net debts to EBITDA ratio should not exceed 350 -
Debts to tangible net worth should not exceed 250 -
EBITDA to interest payment ratio at the minimum of 200 For the years ended December 31, 2009 and 2008, the Company has met all the above financial
ratios’ requirements.
The agreement also requires the Company to obtain prior written approval from the Banks before entering into certain actions, such as follows:
- Obtain new loan from or provide loan to other parties
- Provide any guarantee to other parties
- Establish or acquire subsidiaries at an amount above US2,000,000 for one 1 Subsidiary or
in total amount above US10,000,000 On February 2, 2009, the Company informed the acquisition of Trikomsel Pte. Ltd., Singapore on
November 25, 2008 Note 3 to Citicorp International Limited, as the facility agent of the above syndicated bank loan.
Interest expense charged amounting to Rp66,302,287,885 and Rp24,975,137,248 in 2009 and 2008, respectively, is presented as part of “Other Income Charges - Financing Charges” account
in the consolidated statements of income. The above bank loans are pledged with certain current accounts maintained at the syndicated
participating banks and the Company’s inventories with total value of 125 of total syndicated bank loan Notes 5 and 7.
d. The Company had credit agreements with PT Bank Central Asia Tbk. “BCA” as covered by Notarial Deeds No. 2 dated May 10, 2006 of Veronica Sandra Irawaty Purnady, S.H., and
Amendment of Credit Agreement No. 14 dated December 8, 2006, whereby the Company obtained loan facilities from BCA, consisting of a local credit facility credit statement, and
Omnibus Sight Letters of Credit “LC” and Trust Receipt “TR” facilities or Usance Payable at Sight LC “UPAS” with maximum credit limits of Rp50,000,000,000 and US13,000,000,
respectively. These facilities matured on May 10, 2007.
PT TRIKOMSEL OKE Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Years Ended December 31, 2009 and 2008 Expressed in Rupiah Unless Otherwise Stated
25
11. BANK LOANS - THIRD PARTIES continued
