JAKARTA – PT Tiphone Mobile Indonesia Tbk (TELE) restructures several Shelf-Registration Bonds issued in 2016-2019. The shareholders agreed upon the relaxation of the maturity date and the interest rate, granting the company a long-term financial flexibility.
Ofan Sofwan, Financial Director of Tiphone Mobile Indonesia, mentioned that the company has obtained approval for the bonds restructuring process following the reconciliation reached in the Commercial Court of the Central Jakarta District Court regarding the Suspension of Debt Payment Obligation case. Furthermore, this action also refers to the result of the meeting of bondholders of Series C of the Shelf-Registration Bonds I Phase II 2016, Series B of the Shelf-Registration Bonds I Phase III 2017, and the Shelf-Registration Bonds II Phase II 2019.
The payment of principals of Series C of the Shelf-Registration Bonds I Phase II 2016 is pushed back from October 14, 2021, to gradual disbursement from June 30, 2023, to December 31, 2030. The cash interest rate is also significantly cut from 10.65% per year to 1% per year, replaced by the new payment-in-kind (PIK) interest rate of 1% to 3% per annum.
Furthermore, the repayment of principals of Series B of the Shelf-Registration Bonds I Phase III 2017 is moved back from June 22, 2020, to systematic repayment from June 30, 2023 to December 31, 2030. Similarly, the cash interest rate is reduced from 10.5% per year to 1% per year, with an additional PIK interest rate of 1%-3% per year.
Lastly, the payment of the Shelf-Registration Bonds II Phase II 2019, which initially fell on September 19, 2022, is also postponed to June 30, 2023, until December 31, 2030. The cash interest rate is set to 1% per year from the original 11.5%, added with a yearly PIK interest rate of 1%-3%. (LK/ZH)