PERUSAHAAN PERSEROAN PERSERO P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued DECEMBER 31, 2010 AUDITED AND MARCH 31, 2011 UNAUDITED AND
THREE MONTHS PERIOD ENDED MARCH 31, 2010 AND 2011 UNAUDITED Figures in tables are presented in millions of Rupiah, unless otherwise stated
63
21. BONDS AND NOTES continued
a. Bonds continued The funds received from public offering of bonds net of issuance costs, are to be used for
increasing capital expenditure 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 optimizing legacy and supporting facilities fixed wireline and wireless.
As of March 31, 2011, the rating for the bonds issued by PT Pemeringkat Efek Indonesia Pefindo is idAAA stable outlook.
Based on 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 interest expenses ratio should not be less than 5:1.
3. Debt service coverage is 125
As of March 31, 2011, the Company complied with the above mentioned ratios. b. MTN
Interest Issuance
Maturity payment
Notes Principal
date date
method
MTN Metra
Phase 1 30,000
June 9, 2009 June 19, 2012
Quarterly Phase 2
20,000 February 1, 2010
February 2, 2013 Quarterly
Sigma 30,000
October 16, 2009 November 17,2014 Semi-annually
Finnet Phase 1
10,000 October 16, 2009 November 17, 2012
Monthly Phase 2
15,000 March 18, 2010
March 24, 2013 Monthly
The Arranger of the Medium Term Notes is PT Bahana Securities, Bank Mega is acting as Trustee, and PT Kustodian Sentral Efek Indonesia “KSEI” acting as Collecting Agent and
Custodian.
i. Metra Proceeds from the issuance of MTN were used to expand the business and as working
capital. The MTN bear floating interest rates for the first year of 15.05 and 12.01 for the first and
second phase, respectively. For the second and third years, interest rate for the first and second phase is the average return yield of three Government Bonds “Surat Utang
Negara” or SUN with a remaining period of time equal to the second and third years of MTN plus a 4.02 premium. Repayment of the principal is in increments of 10, 20 and 70 on
the first, second and third anniversary of the Issuance Date, respectively.
PERUSAHAAN PERSEROAN PERSERO P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued DECEMBER 31, 2010 AUDITED AND MARCH 31, 2011 UNAUDITED AND
THREE MONTHS PERIOD ENDED MARCH 31, 2010 AND 2011 UNAUDITED Figures in tables are presented in millions of Rupiah, unless otherwise stated
64
21. BONDS AND NOTES continued
b. MTN continued i. Metra continued
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 March 31, 2011, Metra complied with the above mentioned ratios. ii. Sigma
Proceeds from the issuance of MTN were used to expand the business. The MTN bear interest rates for the first year of 14.5 and for the second up to the fifth years
from the Issuance Date based upon the average interest rate of one-month SBI plus a 800 basis points premium. One-month SBI is calculated based on the average interest rates of
one-month SBI in the last 6 months at the time of the determination of the interest of MTN. The MTN are not secured by a specific collateral, but secured by all of Sigma’s assets. These
movable or fixed property, either existing or in the future, are collateral for assets of MTN holders and at all times ranked pari passu without any preference with other creditor
privileges 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 March 31, 2011, Sigma complied with the above mentioned ratios. iii. Finnet
Proceeds from issuance of MTN were used for the investment of hardware and software, project development and bridging loan payments for projects.
Repayment of principal for the first phase MTN 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.
