Global Mediacom sells Its 19% of Mobile-8 to Sinarmas

PT Global Mediacom has sold its 19 percent stake in PT Mobile-8 Telecom to PT Gerbangmas Tunggal Sejahtera, a unit of Sinarmas Group, and other investors.
After transaction, Mobile-8 currently is possessed by Jerash Investment Ltd with 35 percent ownership and Sinarmas 19 percent.
Mobile-8 has debt will be settled through the mechanism of corporate bonds worth IDR675 billion. The debt has been restructured so the maturity is on June 15, 2017 as from June 15, 2009.
The bond covenant initially mentioned the due date of June 15, 2012 but the maturity was made shorter following the change of ultimate shareholders.
Bond coupon was either changed into 12.375 percent for nine quarters from June 15, 2007, 5 percent for eight quarters from September 15, 2009. The coupon grows into 8 percent for 12 quarters from September 15, 2011, and 18 percent for the 12 quarters from September 15, 2014.
The coupon for March 15 and June 15, 2009 will be paid in four installments up to March 15, 2010. Second mechanism is that the company has debt per September 30, 2009 to five companies, namely Samsung Electronics Co Ltd with IDR274.14 billion debts, PT Mora Telematika Indonesia IDR294.15 billion, PT Inti Bangun Sejahtera IDR139.48 billion, PT Sapta Prima Talenta IDR89.80 billion and PT Investasi Hasil Sejahtera IDR43.35 billion.