Higher Coupon Expectations, Tower Bersama’s Bond Undersubscribed 38%

Tower Bersama Infrastruktur, Tbk (TBIG IJ), a tower rent provider, issue bond worth IDR230bn from its indicative target IDR600bn. Investor’s coupon expectation above its target between 8.75% up to 9.5%, made this Tower Bersama Shelf Registration Bond Tranche I tenor 3-years record undersubscribed 38%. For the record, the bond has rating at level AA- (double a minus) from Fitch Ratings Indonesia. Although many investor’s coupon expectation above 9.5%, do not change the Company’s decision who want to do the bank debt refinancing. Tower Bersama wants to continue its shelf registration which totally worth IDR5trn. This infrastructure company , projected its 1H2016 revenue able to grow 7.8% compare to same period last year. The projection is supported by an increasing number of tower tenant, with the biggest contribution still from Telkomsel and other operator’s expand. For the record, Tower Bersama’s tenant grew 260 in 1Q2016 period.

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