COUNTRY REPORT INDONESIAS and W builds solar power plants in
India, the Middle East, Africa, Australia and
Europe.
INDONESIA
DEBT CAPITAL MARKETS
› PLN PLANS 144A/REG S OFFERING
PERUSAHAAN LISTRIK NEGARA, rated Baa2/BBB/
BBB, has picked banks for a proposed
offering of 144A/Reg S US dollar bonds,
subject to market conditions.
ANZ, BNP Paribas, Citigroup, HSBC, Mandiri
Securities and Standard Chartered Bank are
joint bookrunners and joint lead managers.
The Indonesian integrated power
producer started meeting investors in Asia,
Europe and the US on July 4.
The proposed notes have expected
ratings of Baa2/BBB/BBB.
SYNDICATED LOANS
› TOWER BERSAMA COMPLETES REFI
Telecom tower company TOWER BERSAMA
INFRASTRUCTURE has closed a self-arranged
US$375m 5.5-year bullet term loan with
nine banks.
Signing is currently taking place by
circulation. United Overseas Bank is the
facility agent.
Set to mature in January 2025, the deal
pays an all-in pricing of 193.2bp based on
an interest margin of 175bp over Libor and
an upfront fee of 100bp.
Funds are to refinance a US$400m five-
year term loan that was part of a US$1bn
financing completed in November 2014.
The US$400m tranche paid an offshore
margin of 200bp over Libor and a fee of
125bp.
The 2014 deal also included a US$300m
364-day revolving credit facility and a
US$300m 3.5-year revolver. In April 2017,
all lenders to the 3.5-year revolver agreed
to extend that deal by four years, and eight
banks provided a separate US$200m five-
year new-money revolver, which offered a
margin of 175bp over Libor.
Tower Bersama is rated BB–/BB– (S&P/
Fitch). Its major shareholders are Saratoga
Investama Sedaya and Provident Capital
Indonesia.
For full allocations, see http://www.ifrasia.com.› CSUL INCREASES LOAN TO US$130MCHANDRA SAKTI UTAMA LEASING has increased
a three-year loan to US$130m from the
US$75m target after attracting five lenders
in general syndication.
ANZ, Bank Mandiri, CIMB Bank, OCBC Bank
and Standard Chartered were the mandated
lead arrangers and bookrunners of the
financing, which paid a top-level all-in
pricing of 230.77bp (offshore) and 250.77bp
(onshore) based on interest margins of
200bp (offshore) and 220bp (onshore) over
Libor, and a remaining average life of 1.625
years.
Funds will be used for general corporate
purposes.
In April last year, CSUL raised an
increased US$126.5m three-year loan. ANZ,
Emirates NBD, StanChart and Sumitomo
Mitsui Banking Corp were the MLABs on
that financing, which paid a top-level all-in
pricing of 301.9bp (offshore) and 336.9bp
(onshore) through margins of 265bp
(offshore) and 300bp (onshore) over Libor,
respectively, and a remaining average life
of 1.625 years.The borrower is the financing arm of
privately owned PT Tiara Marga Trakindo.
The parent, founded in 1970, is an
authorised dealer of heavy equipment in
Indonesia. Trakindo has customers in the
mining, construction, forestry, agricultural,
energy and industrial sectors.
For full allocations, see http://www.ifrasia.com.› CT UNITS INCREASE LOAN TO US$115MAutomotive financing companies
MEGA CENTRAL FINANCE and MEGA AUTO
FINANCE, majority-owned by Indonesian
conglomerate CT Corp, have increased
a dual-currency secured term loan to
US$115m-equivalent from a US$100m-
equivalent target.
Standard Chartered, CTBC, Sumitomo
Mitsui Trust Bank, Taishin International Bank
and Tokyo Star Bank were the mandated
lead arrangers and bookrunners of the
transaction, which comprises a US$78m
portion and a ¥4.02bn (US$37m) piece.
The deal comprises a three-year tranche
A and a four-year tranche B with respective
average lives of 1.875 years and 2.375 years.
Banks were invited to lend US dollars or
yen to tranches A and B on a 50:50 basis.
Tranche A offers interest margins of 225bp
over Libor and 175bp over Tibor, while
tranche B offers margins of 250bp over
Libor and 200bp over Tibor.
The top-level all-in pricing was 257bp
(tranche A) and 284bp (tranche B) for US
dollar lenders, and 207bp and 234bp for the
respective tranches for yen lenders.
The deal has fiduciary security over
accounts receivable and is also secured by a
pledge over transaction accounts.
CT Corp holds its majority stake in the
borrowers through Mega Corpora, while
Japanese conglomerate Marubeni owns 30%
of Mega Central Finance and Mega Auto
Finance.
In March 2017, Mega Central FinanceTop bookrunners of Indonesian rupiah bonds
1/1/19 – 30/6/19
Amount
Name Issues Rp(m) %
1 Indo Premier Sec 18 3,906,866.7 12.6
2 Bank Mandiri 15 3,649,575.0 11.8
3 Pt Cgs-Cimb Sekuritas 12 3,489,091.7 11.3
4 TD Sec 5 2,991,041.1 9.6
5 DBS 12 2,481,975.0 8.0
6 JP Morgan 5 2,210,806.4 7.1
7 Bank Negara Indonesia 8 2,035,008.3 6.6
8 HSBC 6 1,639,816.5 5.3
9 Danareksa 6 1,605,608.3 5.2
10 BCA Sekuritas 6 1,193,675.0 3.9
Total 49 31,019,389.0
*Market volume
Proportional credit
Source: Refinitiv data SDC Code: AS9
Top bookrunners of Indonesia syndicated loans
1/1/19 – 30/6/19
Amount
Name Deals US$(m) %
1 Standard Chartered 4 865.7 21.5
2 MUFG 5 511.7 12.7
3 DBS 4 286.4 7.1
4* BNP Paribas 2 277.4 6.9
4* Maybank 2 277.4 6.9
6 Mizuho 3 233.1 5.8
7 Citigroup 3 231.0 5.7
8 Deutsche 1 207.4 5.1
9 SMFG 4 198.5 4.9
10 HSBC 2 175.0 4.3
Total 11 4,035.5
Based on market of syndication and market total
Proportional credit
Source: Refinitiv data SDC Code: S11bIndonesia global equity and equity-related
1/1/19 – 30/6/19
Amount
Name Issues US$(m) %
1 Morgan Stanley 2 120.3 20.4
2 UOB 9 77.0 13.0
3* Deutsche 1 74.8 12.7
3* Indo Premier Sec 1 74.8 12.7
3* Credit Suisse 1 74.8 12.7
3* UBS 1 74.8 12.7
7 Jasa Utama Capital 2 19.1 3.2
8 Woori Korindo Sec 2 18.7 3.2
9* Buana Capital PT 1 12.3 2.1
9* PT Kresna Sekuritas 1 12.3 2.1
Total 21 590.9Source: Refinitiv data