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Tower Bersama Said to Reduce Loan by Using Undrawn Funds

PT Tower Bersama Infrastructure is considering meeting its acquisition funding needs by reducing the size of a loan from an initial target of $325 million and using undrawn funds from a previous facility instead, two people familiar with the matter said.

Proceeds from the new loan, which may now be $200 million to $250 million, as well as the undrawn monies, will be used to help fund Tower Bersama’s purchase of 2,500 mobile phone towers from PT Indosat, said the people who asked not to be identified as details are private. The new loan’s senior debt will include both U.S. dollar and rupiah portions, with banks funding in the former receiving a margin of at least 400 basis points over the London interbank offered rate, the people said.

The acquisition financing package will also include an additional portion of mezzanine debt, expected to be provided by Standard Bank Plc, according to the people.

Tower Bersama initially approached banks for a new loan of as much as $325 million however is expected to reduce that by using undrawn funds from a $200 million loan which was completed in September, one of the people said today. About 50 percent of that facility remains undrawn. The $200 million loan was the third borrowing under a $2 billion debt program for Tower Bersama, and the new loan will also be arranged under the same program.

Australia & New Zealand Banking Group Ltd., Bank of Tokyo-Mitsubishi UFJ Ltd., DBS Bank Ltd., Oversea-Chinese Banking Corp. and United Overseas Bank Ltd. are arranging the new loan, three people said earlier this month. It’s expected to be syndicated to a wider group of banks in a few weeks, said the people who spoke today.

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