Investor Presentaiton
BUMA's US$ 800MM 2011 Bank Facility
Delta Dunia
• Facility Size: US$800MM (US$750MM term and US$50MM revolver)
• Tenor: 7 year term (5 year average life) and 3 year revolver
• Pricing: 3M LIBOR + 3.75% stepping down to 3.25% over time based on BUMA's debt to
EBITDA ratio (0.25% extra margin for WHT neutral lenders)
• Use of proceeds:
- Refinancing US$585MM of existing 2010 SMBC syndicated facility
Repay existing bi-lateral bank facilities
- Finance BUMA's capital expenditure of approx. US$ 80-90MM
•
Rationale: platform to support medium to long term growth of BUMA
Extend tenor, with average life increasing from 2.6 years (with cash sweep) to 5.0 years
Remove restrictive covenants from LBO transaction in 2009
Reduce pricing
Restructure security and covenants to allow future capex and debt
Remove preferential treatment for specific lenders
• Lenders: a club of 10 banks (both International and Local banks)
.
Facility signed on 13 May 2011
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