Investor Presentaiton
Debt Overview - As of 30 September 2023
Debt Maturity Profile () (in Million USD)
■Bank Tabungan Negara
Bank Mandiri 100mn
■Bank Mandiri 14mn
■Senior Notes Due 2027
25.0
15.0
5.0
0.9
0.4
1.3
1.4
2.8
9M23
2024
2025
Total Debt as at 30 Sept 2023
Bank Loans
(1)
Senior Notes
Hedging Practice
Notes:
(1)
Excludes Lease Payables amounting to Rp21bn
32.5
17.5
4.2
5.3
2026
2027
IDR 4.55 trillion equivalent (1 USD = 15,526 IDR).
185.9
In December 2022, Jababeka completed an exchange
offer on its existing US$300mm Senior Notes due
2023 (2023 Notes). ~US$265.5mm of the 2023 Notes
were rolled into new ~US$185.9mm Senior Secured
Notes due 2027, 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 was used to partially call
further 2023 Notes in January 2023. The Senior
Notes due 2023 were fully redeemed on 31 July 2023
with cash from the restricted cash balance.
•
Bank Mandiri
US$14.1mn
6.0% p.a.
Term loan (for CAPEX)
•
Bank Mandiri
US$95.0mn
Bank Tabungan Negara
IDR33.45bn
5.5% p.a.
10% p.a.
Term loan (to refinance Senior Notes Due 2023)
Construction Loan (JV w PT PP - Riverview)
• US$185.9 million Guaranteed Senior Secured Notes Due 2027, Coupon 7%-9% p.a. (stepping up 0.5% p.a.).
• US$100mn with strikes from 14,500 Rupiah (lower) to 17,000 Rupiah (upper)
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
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