Investor Presentaiton
Debt Overview - As of 30 Sept 2022
Debt Maturity Profile () (in Million USD)
0.7
300.0
■Bank Tabungan Negara
Senior Notes Due 2023
(2)
Proforma Debt Maturity Profile (¹) (in million USD)
185.9
Bank Tabungan Negara
Senior Notes Due 2023
Bank Mandiri
■Senior Notes Due 2027
In December 2022, Jababeka completed an exchange offer on its existing US$300mm notes due 2023. ~US$265.5mm of the
existing notes were rolled into new ~US$185.9mm 2027 senior secured notes, with existing noteholders receiving ~US$79.6mm
cash consideration, which the Company sourced from a new US$100mm loan facility from Bank Mandiri. Balance ~US$20.3mm
from the Bank Mandiri loan to be used to partially call the remaining US$34mm existing notes in January 2023.
2.3
1.3
0.7
4Q22
2023
2024
2025
2026
2017
Total Debt as at 30 Sep 2022
Bank Loans (1)
Senior Notes
4Q22
34.5
25.0
15.0
10.0
2.3
1.3
2023
IDR 4.6 trillion equivalent (1 USD = 15,247 IDR) - average cost of debt 6.55% p.a.
Bank Tabungan Negara
IDR 66bn
11% p.a.
32.5
17.5
2024
2025
2026
2027
Construction Loan (JV w PT PP - Riverview)
US$ 300 million Guaranteed Senior Notes Due 2023, Coupon of 6.5% p.a.
US$ 200 million notional is hedged by means of call spreads with an average lower strike of 13,700 Rupiah and an average upper
strike of 15,700 Rupiah since June 2021 ((from previously 13,021 to 15,997 - amended trades to reduce near term premium
payable and partially monetize "in the money" positions.
Recurring revenue provides stability and visibility of cash flows, which are partially based on USD pricing terms (power & water)
providing a natural hedge for USD-denominated interest expenses
Hedging Practice
•
Notes:
(1)
Excludes Lease Payables amounting to Rp28bn & Overdraft facility from BRI amounting to Rp1bn
(2) Assumes US$265.5mm of the existing notes were rolled into new US$185.9mm 2027 senior secured notes, with existing noteholders receiving "US$79.6mm cash consideration, which the Company sourced from a new
US$100mm loan facility from Bank Mandiri
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