PT Profesional Telekomunikasi Indonesia (Protelindo), a subsidiary of Djarum Group's PT Sarana Menara Nusantara Tbk, reached an agreement on a US$30 million loan facility.
The facility was derived from syndicated banks consisting of ABN Ambro Bank NV (Jakarta), DBS Bank Ltd, OCBC Ltd and Standard Chartered Bank. The four banks also act as mandated lead arranger.
The agreement was sealed on December 23. Royal Bank of Scotland was appointed as facility agent while PT Bank Central Asia Tbk acted as common security agent.
Protelindo is an independent provider of wireless communications infrastructure that began its operations in Indonesia in 2003.
The company was entered into memorandum of understanding to acquire 1,000 towers at US$110,000 per tower or US$110 million from PT Hutchison CP Telecommunication (HCPT).
Protelindo and HCPT aim to set conditions of the transaction similar with the previous tower transfer agreement and master lease agreement signed by both parties in March 2008, in which Protelindo acquired 3,600 towers from HCPT.
Post completion of the transaction, Protelindo is estimated to manage more than 6,000 towers portfolio entire Indonesia, strengthening its market position as the largest independent tower provider.
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