JAKARTA (Yosefardi) – The independent tower company PT Tower Bersama Infrastructure Tbk (TBIG) downsizes its bond issue to Rp740 billion from initial plan Rp1 trillion, part of its Rp4 trillion bond program.
The bond will be issued in 2 series; series A amounting Rp550 billion with tenor of 370 days and coupon of 9% and series B amounting Rp190 billion with tenor of 3 years and coupon of 10%.
TBIG plans to use 50% of proceeds to refinance the Revolving Series 7 debt, while the balance for capital expenditure (construction of new sites in Java, Sumatra, Bali, and Kalimantan).
The company posted net profit of Rp824.97 billion of net profit in first nine months of this year, jumped 63% from the corresponding period of 2012, but mostly due to Rp625.8 billion increase in fair value of investment properties.
TBIG posted Rp778 billion of loss in forex translation and finance charges of Rp620 billion. Basically without increase in fair value of investment properties. TBIG’s income before tax dropped significantly to Rp93 billion only in the period.