Tower Bersama plans USD500m bond sale

10 Apr 2014

The Indonesian mobile tower firm Tower Bersama has revealed plans for a USD500 million bond sale to help finance its expansion and to repay debt. The company will seek approval for the sale from shareholders at a meeting next month. Tower Bersama is controlled by Saratoga Capital, a private equity fund founded by Indonesian businessman Sandiaga Uno. Domestic cellular operator Indosat offloaded a 5% stake in the tower firm in March this year. Indosat inherited the stake in 2012 as part of a wider USD406 million sale and lease-back agreement covering 2,500 towers. Tower Bersama had a total of 16,577 tenants across its 10,134 telecommunication sites at the end of 2013. Its sites include 8,866 telecommunication towers, 1,040 shelter-only sites and 228 distributed antenna system networks.