Jakarta, May 31, 2021 – PT Pejagan Pemalang Tol Road (PPTR) as one of the Toll Road Business Entities (BUJT) owned by PT Waskita Toll Road (WTR) through its subsidiary PT Waskita Trans Jawa Tol Road (WTTR) which has 99, 99% of the shares in PPTR have signed a Syndicated Loan Restructuring of IDR 4,553,696,691,000,-. This credit syndicate was formed by 14 (fourteen) banks, namely Bank BNI as Mandated Lead Arranger & Bookrunner (“MLAB”), PT Sarana Multi Infrastruktur (Persero), LPEI, ICBC Indonesia, Bank Artha Graha, Bank Panin, Bank Jateng, Bank Sumut, Bank Sulsebar, Nagari Bank, Central Kalimantan Bank, Maluku Malut Bank, DIY Bank and Jambi Bank.
The President Director of PT Waskita Toll Road, Mr. Septiawan Andri Purwanto explained that "The purpose of the Restructuring is to adjust PPTR's ability to pay debts to creditors, as well as fulfill the obligation to maintain the Financial Covenant following the Syndicated Credit Agreement."
In line with Mr. Septiawan, President Director of PPTR, Mr. Supriyono emphasized that "With this Syndicated Investment Loan Restructuring, it will be very helpful for PPTR to be able to fulfill obligations to creditors and carry out operations to succeed and support the Government's program in the construction of the Trans Java Toll Road. The condition of PPTR's inability to settle its debts according to the syndicated credit agreement is mainly due to the covid 19 pandemic which has an impact on the decline in toll revenue receipts due to the decrease in daily traffic reaching 60%, especially at the beginning of the implementation of large-scale social restrictions."
The restructuring of the syndicated loan agreement granted to PPTR is as follows:
1. The Financing Facility consists of 3
tranches, namely:
a. Tranche A: Investment financing
with a tiered interest payment
scheme
b. Tranche B: Investment financing
with a partial interest payment
deferral scheme
sebagian
c. Tranche C: Semi junior loan
investment financing with a partial
interest payment deferral scheme.
pembayaran bunga sebagian.
2. The term of the facility is
a. Tranche A & Tranche B: a
maximum of 14 years since the
signing of the Credit Agreement
Amendment or ending in 2035.
b. Tranche B: a maximum of 15
years since the signing of the
Credit Agreement Amendment or
ending in 2036.
a. Tranche A & Tranche B : maksimal 14 tahun sejak penandatanganan Amandemen
Perjanjian Kredit atau berakhir pada tahun 2035.
b. Tranche B : maksimal 15 tahun sejak penandatanganan Amandemen Perjanjian
Kredit atau berakhir pada tahun 2036.
3. Grace period junior loan (Tranche C) since the signing of the Credit Agreement Amendment until December 2030.
The Pejagan – Pemalang Toll Road section is as far as 57.5 km. It is part of the North Line Trans Java Toll Road, which is divided into four sections, namely: Section (1) Pejagan-West Brebes, Section (2) West Brebes-East Brebes, Sections 1-2 started operating in June 2016, Sections (3) of East Brebes-East Tegal and Sections (4) of East Tegal-Pemalang, Sections 3-4 started operating in November 2018. This toll road section is also one of the main toll roads connecting toll roads in Trans Java.
