JAKARTA - Three subsidiaries of PT Tower Bersama Infrastructure Tbk (TBIG) hedged on a revolving credit facility of US$ 375 million obtained on June 28, 2019. The three subsidiaries signed a guaranteed cross-currency swap agreement with company guarantee on last week (13/2).
As quoted from the disclosure of corporate information, Tuesday (18/2), three subsidiaries that signed the hedging agreement included PT Solu Sindo Kreasi Pratama, PT Tower Bersama, and PT Solusi Menara Indonesia. The party providing the hedge, PT Bank UOB Indonesia, with a term of 37 months and 53 months, respectively. While the payment of hedging fees will be due every 3 months.
The hedging agreement is carried out in order to fulfil the conditions of the loan received by the subsidiary and manage the risk of fluctuations in the exchange rate of the rupiah (IDR) to the dollar (US$). The requirement to implement hedges is 75% of the total loan received by TBIG subsidiary participants. (LK)