PERUSAHAAN PERSEROAN PERSERO PT TELEKOMUNIKASI INDONESIA Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended
Figures in tables are expressed in billions of rupiah, unless otherwise stated
61
20. BONDS AND NOTES continued
a. Bonds continued The bonds are secured by all of the Company’s assets, movable or non-movable, either existing
or in the future Note 11c.x. The underwriters of the bonds are Bahana, PT Danareksa Sekuritas and PT Mandiri Sekuritas and the trustee is PT CIMB Niaga Tbk.
The Company received the proceeds from the issuance of bonds on July 6, 2010. The funds received from the 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 December 31, 2013, the rating of the bonds issued by PT Pemeringkat Efek Indonesia Pefindo is idAAA stable outlook.
Based on the 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 finance costs ratio should not be less than 5:1.
3. Debt service coverage is 125.
As of December 31, 2013, the Company has complied with the above mentioned ratios. b.
Promissory Notes
Interest Interest
Issuance Payment
payment rate
Supplier Currency
Principal date
schedule period
per annum
PT Huawei US
0.3 June 19, 2009
Semi-annually Semi-annually
6 month LIBOR+2.5 January 11, 2014 -
June 23, 2016 PT ZTE
US 0.1
August 20, 2009 Semi-annually
Semi-annually 6 month LIBOR+1.5
Indonesia February 11, 2014 -
6 month LIBOR+2.5 “ZTE”
June 15, 2016
Based on Agreement of Frame Supply and Deferred Payment Arrangement between the Company and ZTE and PT Huawei, the promissory notes issued by the Company to ZTE and
PT Huawei are vendor financing facilities with no collateral covering 85 of Hand-over Report “Berita Acara Serah Terima” projects with ZTE and PT Huawei.
PERUSAHAAN PERSEROAN PERSERO PT TELEKOMUNIKASI INDONESIA Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended
Figures in tables are expressed in billions of rupiah, unless otherwise stated
62
21. BANK LOANS
2013 2012
Outstanding Outstanding
Original Original
currency Rupiah
currency Rupiah
Lenders Currency
in millions equivalent
in millions equivalent
BRI Rp
- 3,035
- 4,011
Syndication of banks Rp
- 2,426
- 1,950
BNI Rp
- 1,305
- 1,201
BCA Rp
- 858
- 1,564
Bank Mandiri Rp
- 722
- 1,417
ABN Amro Bank N.V. Stockholm “AAB
Stockholm” and Standard Chartered Bank
US 55
673 68
659 Bank CIMB Niaga
Rp -
365 -
174 Japan Bank for International
Cooperation “JBIC” US
18 219
30 289
Bank Bukopin Rp
- 31
- -
US 1
12 -
- Bank Ekonomi
Rp -
- -
41 US
- -
3 Others each below Rp10 billion
Rp -
1 -
- Total
9,647 11,309
Unamortized debt issuance cost 56
51 9,591
11,258 Current maturities Note 18a
3,956 4,475
Long-term portion Note 18b 5,635
6,783
Refer to Note 37 for details of related party transactions. Other significant information relating to bank loans as of December 31, 2013 is as follows:
Total facility
Current Interest
Interest in
period Payment
payment rate
Borrower Currency
billions payment
schedule period
per annum Security
Syndication of banks July 29, 2008
a
The Company Rp
2,400 600
Semi-annually Quarterly
3 months None
BNI, BRI and 2010-2013
JIBOR+1.20 BJB
June 16, 2009
a
The Company Rp
2,700 675
Semi-annually Quarterly
3 months None
BNI and BRI 2011-2014
JIBOR+2.45 December 19, 2012
Dayamitra Rp
2,500 -
Semi annually Quarterly
3 months Property
BNI, BRI and 2014-2020
JIBOR+3.00 and
Bank Mandiri
k
equipment Note 11 and
trade receivables
Note 6 BCA
July 9, 2009
bc
Telkomsel Rp
4,000 666
Semi-annually Quarterly
3 months None
and July 5, 2010
bc
2009-2016 JIBOR+1.00
December 16, 2010
a
TII Rp
200 40
Semi-annually Quarterly
3 months None
2011-2015 JIBOR+1.25
Bank Mandiri July 9, 2009
bc
Telkomsel Rp
5,000 695
Semi-annually Quarterly
3 months None
and July 5, 2010
bc
2009-2016 JIBOR+1.00
BRI October 13, 2010
a
The Company Rp
3,000 1,000
Semi-annually Quarterly
3 months None
2013-2015 JIBOR+1.25
July 20, 2011
a
Dayamitra Rp
1,000 160
Semi-annually Quarterly
3 months Property
2011-2017 JIBOR+1.40
and equipment
Note 11