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LONG-TERM LOANS AND OTHER BORROWINGS | 12 Months Ended
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Dec. 31, 2018
LONG-TERM LOANS AND OTHER BORROWINGS |
LONG-TERM LOANS AND OTHER BORROWINGS | 19. LONG-TERM LOANS AND OTHER BORROWINGS Long-term loans and other borrowings consist of the following:
|  | Notes |  | 2017 |  | 2018
Two-step loans |  | 19a |  | 892 |  | 751
Bonds and notes |  | 19b |  | 8,982 |  | 9,956
Bank loans |  | 19c |  | 13,894 |  | 18,748
Other borrowings |  | 19d |  | 1,196 |  | 1,950
Obligations under finance leases |  | 12c.xii |  | 3,010 |  | 2,338
Total |  |  |  | 27,974 |  | 33,743
Scheduled principal payments as of December 31, 2018 are as follows:
|  |  |  |  |  | Year
|  | Notes |  | Total |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | Thereafter
Two-step loans |  | 19a |  | 751 |  | 198 |  | 181 |  | 144 |  | 127 |  | 101
Bonds and notes |  | 19b |  | 9,956 |  | 2,490 |  | 477 |  | 2,197 |  | — |  | 4,792
Bank loans |  | 19c |  | 18,748 |  | 7,648 |  | 3,051 |  | 2,577 |  | 2,813 |  | 2,659
Other borrowings |  | 19d |  | 1,950 |  | 404 |  | 405 |  | 405 |  | 415 |  | 321
Obligations under finance leases |  | 12c.xii |  | 2,338 |  | 768 |  | 670 |  | 549 |  | 233 |  | 118
Total |  |  |  | 33,743 |  | 11,508 |  | 4,784 |  | 5,872 |  | 3,588 |  | 7,991
a. Two-step loans Two-step loans are unsecured loans obtained by the Government from overseas banks which are then re-loaned to the Company. Loans obtained up to July 1994 are payable in rupiah based on the exchange rate at the date of drawdown. Loans obtained after July 1994 are payable in their original currencies and any resulting foreign exchange gain or loss is borne by the Company.
|  |  |  | 2017 |  | 2018
|  |  |  | Outstanding |  | Outstanding
|  |  |  | Original currency |  | Rupiah |  | Original currency |  | Rupiah
Lenders |  | Currency |  | (in millions) |  | equivalent |  | (in millions) |  | equivalent
Overseas banks |  | Yen |  | 5,375 |  | 648 |  | 4,607 |  | 602
|  | US$ |  | 17 |  | 237 |  | 13 |  | 188
|  | Rp |  | — |  | 213 |  | — |  | 159
Total |  |  |  |  |  | 1,098 |  |  |  | 949
Current maturities (Note 18b) |  |  |  |  |  | (206) |  |  |  | (198)
Long-term portion |  |  |  |  |  | 892 |  |  |  | 751
|  |  |  | Principal payment |  | Interest payment |  | Interest rate per |
Lenders |  | Currency |  | schedule |  | period |  | annum |
Overseas banks |  | Yen |  | Semi-annually |  | Semi-annually |  | 2.95 | %
|  | US$ |  | Semi-annually |  | Semi-annually |  | 3.85 | %
|  | Rp |  | Semi-annually |  | Semi-annually |  | 7.50 | %
The loans were intended for the development of telecommunications infrastructure and supporting telecommunications equipment. The loans will be settled semi-annually and due on various dates through 2024. The Company had used all facilities under the two-step loans program since 2008. Under the loan covenants, the Company is required to maintain financial ratios as follows: a. Projected net revenue to projected debt service ratio should exceed 1.2:1 for the two-step loans originating from Asian Development Bank (“ADB”). b. I nternal financing (earnings before depreciation and finance costs) should exceed 20% compared to annual average capital expenditures for loans originating from the ADB. As of December 31, 2018, the Company has complied with the above-mentioned ratios. Refer to Note 33 for details of related party transactions. b. Bonds and notes
|  |  |  | 2017 |  | 2018
|  |  |  | Outstanding |  | Outstanding
|  |  |  | Original currency |  | Rupiah |  | Original currency |  | Rupiah
Bonds and notes |  | Currency |  | (in millions) |  | equivalent |  | (in millions) |  | equivalent
Bonds |  |  |  |  |  |  |  |  |  |
2010 |  |  |  |  |  |  |  |  |  |
Series B |  | Rp |  | — |  | 1,995 |  | — |  | 1,995
2015 |  |  |  |  |  |  |  |  |  |
Series A |  | Rp |  | — |  | 2,200 |  | — |  | 2,200
Series B |  | Rp |  | — |  | 2,100 |  | — |  | 2,100
Series C |  | Rp |  | — |  | 1,200 |  | — |  | 1,200
Series D |  | Rp |  | — |  | 1,500 |  | — |  | 1,500
Medium Term Notes (“MTN”) |  |  |  |  |  |  |  |  |  |
MTN I Telkom 2018 |  |  |  |  |  |  |  |  |  |
Series A |  | Rp |  | — |  | — |  | — |  | 262
Series B |  | Rp |  | — |  | — |  | — |  | 200
Series C |  | Rp |  | — |  | — |  | — |  | 296
MTN Syariah Ijarah I Telkom 2018 |  |  |  |  |  |  |  |  |  |
Series A |  | Rp |  | — |  | — |  | — |  | 264
Series B |  | Rp |  | — |  | — |  | — |  | 296
Series C |  | Rp |  | — |  | — |  | — |  | 182
Total |  |  |  |  |  | 8,995 |  |  |  | 10,495
Unamortized debt issuance cost |  |  |  |  |  | (13) |  |  |  | (14)
Total |  |  |  |  |  | 8,982 |  |  |  | 10,481
Current maturities (Note 18b) |  |  |  |  |  | — |  |  |  | (525)
Long-term portion |  |  |  |  |  | 8,982 |  |  |  | 9,956
(i) Bonds 2010
|  |  |  |  |  |  |  |  |  |  |  | Interest payment |  | Interest rate per |
Bonds |  | Principal |  | Issuer |  | Listed on |  | Issuance date |  | Maturity date |  | period |  | annum |
Series B |  | 1,995 |  | The Company |  | IDX |  | June 25, 2010 |  | July 6, 2020 |  | Quarterly |  | 10.20 | %
The bonds are not secured by specific security but by all of the Company’s assets, movable or non-movable, either existing or in the future (Note 12c.ix). The underwriters of the bonds are PT Bahana Securities (“Bahana”), PT Danareksa Sekuritas, and PT Mandiri Sekuritas and the trustee is Bank CIMB Niaga. Based on the General Meeting of Bondholders on September 26, 2018, the trustee was changed to BTN. The Company received the proceeds from the issuance of bonds on July 6, 2010. The funds received from the public offering of bonds net of issuance costs, were used to finance capital expenditures which consisted of wave broadband (bandwidth, softswitching, datacom, information technology and others) and infrastructure (backbone, metro network, regional metro junction, internet protocol, and satellite system) and to optimize legacy and supporting facilities (fixed wireline and wireless). As of December 31, 2018, the rating of the bonds issued by PT Pemeringkat Efek Indonesia (“Pefindo”) is idAAA (stable outlook). Based on the indenture trusts agreement, the Company is required to comply with all covenants or restrictions, including maintaining financial ratios as follows: 1. Debt to equity ratio should not exceed 2:1. 2. EBITDA to finance costs ratio should not be less than 5:1. 3. Debt service coverage is at least 125%. As of December 31, 2018 the Company has complied with the above-mentioned ratios. 2015
|  |  |  |  |  |  |  |  |  |  |  | Interest payment |  | Interest rate |
Bonds |  | Principal |  | Issuer |  | Listed on |  | Issuance date |  | Maturity date |  | period |  | per annum |
Series A |  | 2,200 |  | The Company |  | IDX |  | June 23, 2015 |  | June 23, 2022 |  | Quarterly |  | 9.93 | %
Series B |  | 2,100 |  | The Company |  | IDX |  | June 23, 2015 |  | June 23, 2025 |  | Quarterly |  | 10.25 | %
Series C |  | 1,200 |  | The Company |  | IDX |  | June 23, 2015 |  | June 23, 2030 |  | Quarterly |  | 10.60 | %
Series D |  | 1,500 |  | The Company |  | IDX |  | June 23, 2015 |  | June 23, 2045 |  | Quarterly |  | 11.00 | %
Total |  | 7,000 |  |  |  |  |  |  |  |  |  |  |  |  |
The bonds are not secured by specific security but by all of the Company’s assets, movable or non-movable, either existing or in the future (Note 12c.ix). The underwriters of the bonds are Bahana, PT Danareksa Sekuritas, PT Mandiri Sekuritas, and PT Trimegah Sekuritas Indonesia, Tbk. and the trustee is Bank Permata. The Company received the proceeds from the issuance of bonds on June 23, 2015. The funds received from the public offering of bonds net of issuance costs, were used to finance capital expenditures which consisted of wave broadband, backbone, metro network, regional metro junction, information technology application and support, and merger and acquisition of some domestic and international entities. As of December 31, 2018, the rating of the bonds issued by Pefindo is idAAA (stable outlook). Based on the indenture trusts agreement, the Company is required to comply with all covenants or restrictions, including maintaining financial ratios as follows: 1. Debt to equity ratio should not exceed 2:1. 2. EBITDA to finance costs ratio should not be less than 4:1. 3. Debt service coverage is at least 125%. As of December 31, 2018, the Company has complied with the above-mentioned ratios. (ii) MTN MTN I Telkom Year 2018
|  |  |  |  |  |  |  |  |  | Interest payment |  | Interest rate |  |
Notes |  | Currency |  | Principal |  | Issuance date |  | Maturity date |  | period |  | per annum |  | Security
Series A |  | Rp |  | 262 |  | September 4, 2018 |  | September 14, 2019 |  | Quarterly |  | 7.25 | % | All assets
Series B |  | Rp |  | 200 |  | September 4, 2018 |  | September 4, 2020 |  | Quarterly |  | 8.00 | % | All assets
Series C |  | Rp |  | 296 |  | September 4, 2018 |  | September 4, 2021 |  | Quarterly |  | 8.35 | % | All assets
|  |  |  | 758 |  |  |  |  |  |  |  |  |  |
Based on Agreement of Issuance and Appointment of Monitoring Agents of Medium Term Notes (MTN) I Telkom Year 2018 dated August 31, 2018 as covered by notarial deed No. 24 of Fathiah Helmi, S.H., the Company issued MTN with the principal amount up to Rp758 billion in series. Bahana, PT BNI Sekuritas, PT CGS-CIMB Sekuritas Indonesia, PT Danareksa Sekuritas and PT Mandiri Sekuritas act as the Arranger, BTN as the Monitoring Agent and PT Kustodian Sentral Efek Indonesia (“KSEI”) as the Custodian. The MTN are traded in private placement programs. The funds obtained from MTN are used for development of cable network and backbone. As of December 31, 2018, the rating of the MTN issued by Pefindo is idAAA (Triple A). Under the agreement, the Company is required to comply with all covenants or restrictions including maintaining financial ratios as follows: 1.Debt to equity ratio should not exceed 2:1 2.EBITDA to interest ratio should not be less than 4:1 3.Debt Service Coverage is at least 125% As of December 31, 2018, the Company has complied with the above-mentioned ratios. MTN Syariah Ijarah I Telkom Year 2018
|  |  |  |  |  |  |  |  |  |  |  | Annual |  |
|  |  |  |  |  |  |  | Maturity |  | Return |  | return |  |
Notes |  | Currency |  | Principal |  | Issuance date |  | date |  | period |  | payment |  | Security
Series A |  | Rp |  | 264 |  | September 4, 2018 |  | September 14, 2019 |  | Quarterly |  | 19 |  | The Right to benefit of ijarah objects
Series B |  | Rp |  | 296 |  | September 4, 2018 |  | September 4, 2020 |  | Quarterly |  | 24 |  | The Right to benefit of ijarah objects
Series C |  | Rp |  | 182 |  | September 4, 2018 |  | September 4, 2021 |  | Quarterly |  | 15 |  | The Right to benefit of ijarah objects
|  |  |  | 742 |  |  |  |  |  |  |  | 58 |  |
Based on Agreement of Issuance and Appointment of Monitoring Agents of Medium Term Notes (MTN) Syariah Ijarah Telkom Year 2018 dated August 31, 2018 as covered by notarial deed No. 26 of Fathiah Helmi, S.H., the Company issued MTN Syariah Ijarah with the principal amount up to Rp742 billion in series. Bahana, PT BNI Sekuritas, PT CGS-CIMB Sekuritas Indonesia, PT Danareksa Sekuritas and PT Mandiri Sekuritas act as the Arranger, BTN as the Monitoring Agent and KSEI as the Custodian. The MTN Syariah Ijarah are traded in private placement programs. The funds obtained from MTN Syariah Ijarah are used for investment projects. The object of MTN Syariah Ijarah transaction is telecommunication network which is located in the special region of Yogyakarta, its network telecommunication involves cable network, information technology equipments, and other production tools of telecommunication services. As of December 31, 2018, the rating of the MTN Syariah Ijarah issued by Pefindo is idAAA sy (Triple A Syariah). Under the agreement, the Company is required to comply with all covenants or restrictions including maintaining financial ratios as follows: 1.Debt to equity ratio should not exceed 2:1. 2.EBITDA to interest ratio should not be less than 4:1. 3.Debt Service Coverage is at least 125%. As of December 31, 2018, the Company has complied with the above-mentioned ratios. c. Bank loans
|  |  |  | 2017 |  | 2018
|  |  |  | Outstanding |  | Outstanding
|  |  |  | Original |  |  |  | Original |  |
|  |  |  | currency |  | Rupiah |  | currency |  | Rupiah
Lenders |  | Currency |  | (in millions) |  | equivalent |  | (in millions) |  | equivalent
Related parties |  |  |  |  |  |  |  |  |  |
BNI |  | Rp |  | — |  | 4,603 |  | — |  | 6,826
Bank Mandiri |  | Rp |  | — |  | 1,126 |  | — |  | 4,546
BRI |  | Rp |  | — |  | 2,166 |  | — |  | 1,248
Sub-total |  |  |  |  |  | 7,895 |  |  |  | 12,620
Third parties |  |  |  |  |  |  |  |  |  |
MUFG Bank |  | Rp |  | — |  | 1,944 |  | — |  | 3,011
|  | US$ |  | — |  | — |  | 10 |  | 144
Syndication of banks |  | Rp |  | — |  | 2,250 |  | — |  | 1,750
|  | US$ |  | — |  | — |  | 37 |  | 532
Citibank |  | Rp |  | — |  | — |  | — |  | 1,000
PT Bank Central Asia Tbk (“BCA”) |  | Rp |  | — |  | 1,100 |  | — |  | 740
UOB Singapore |  | US$ |  | 49 |  | 664 |  | 49 |  | 710
Sumitomo |  | Rp |  | — |  | 804 |  | — |  | 661
Bank CIMB Niaga |  | Rp |  | — |  | 1,726 |  | — |  | 462
ANZ |  | Rp |  | — |  | 440 |  | — |  | 440
UOB |  | Rp |  | — |  | 500 |  | — |  | 428
DBS |  | Rp |  | — |  | 144 |  | — |  | 379
PT Bank ICBC Indonesia ("ICBC") |  | Rp |  | — |  | 249 |  | — |  | 204
Exim Bank of Malaysia Berhad |  | MYR |  | 37 |  | 124 |  | 23 |  | 81
Japan Bank for International Cooperation (“JBIC”) |  | US$ |  | 9 |  | 128 |  | 3 |  | 45
Others |  | Rp |  | — |  | 26 |  | — |  | 33
|  | MYR |  | 15 |  | 50 |  | 13 |  | 46
Sub-total |  |  |  |  |  | 10,149 |  |  |  | 10,666
Total |  |  |  |  |  | 18,044 |  |  |  | 23,286
Unamortized debt issuance cost |  |  |  |  |  | (40) |  |  |  | (61)
Gain on debt restructuring |  |  |  |  |  | — |  |  |  | (5)
|  |  |  |  |  | 18,004 |  |  |  | 23,220
Current maturities (Note 18b) |  |  |  |  |  | (4,110) |  |  |  | (4,472)
Long-term portion |  |  |  |  |  | 13,894 |  |  |  | 18,748
Refer to Note 33 for details of related party transactions. Other significant information relating to bank loans as of December 31, 2018 is as follows:
|  |  |  |  |  |  |  | Current |  |  |  |  |  |  |  |
|  |  |  |  |  | Total |  | period |  | Principal |  | Interest |  |  |  |
|  |  |  |  |  | facility |  | payment |  | payment |  | payment |  | Interest rate |  |
|  | Borrower |  | Currency |  | (in billions)* |  | (in billions)* |  | schedule |  | period |  | per annum |  | Security
BNI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2018 |  | GSD |  | Rp |  | 182 |  | 8 |  | 2018 - 2021 |  | Monthly |  | 8.75% |  | Trade receivables (Note 6)
2013 - 2018 |  | The Company, Telkomsel a, GSD, TLT, Sigma, Dayamitra, Telkom Infratel, Telkom Akses |  | Rp |  | 9,892 |  | 671 |  | 2016 - 2033 |  | Monthly, Quarterly |  | 1 month JIBOR + 2.20% - 3.00%, 3 months JIBOR + 1.50% - 2.50% |  | Trade receivables (Note 6), Inventory (Note 8) and Property and equipment (Note 12)
Bank Mandiri |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2016 - 2018 |  | The Company, Telkomsel a,c, Balebat, Telkomsat |  | Rp |  | 8,750 |  | 4,035 |  | 2017 - 2024 |  | Monthly, Quarterly |  | 8.50%, 8.75%, 9.00%, 9.50% |  | Trade receivables (Note 6), Inventory (Note 8) and Property and equipment (Note 12)
2017 |  | GSD, TII, Dayamitra |  | Rp |  | 845 |  | — |  | 2019 - 2024 |  | Quarterly |  | 3 months JIBOR + 1.85% |  | None
BRI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2013 |  | GSD |  | Rp |  | 103 |  | 17 |  | 2014 - 2021 |  | Monthly |  | 10.00% |  | Trade receivables (Note 6), Property and equipment (Note 12) and lease agreement
2017 - 2018 |  | The Company, Dayamitra |  | Rp |  | 1,200 |  | — |  | 2019 - 2025 |  | Quarterly |  | 3 months JIBOR + 1.85% |  | None
MUFG Bank |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2015 - 2018 |  | GSD, Metra, Infomedia, Dayamitra |  | Rp |  | 3,950 |  | 194 |  | 2016 - 2025 |  | Quarterly |  | 3 months JIBOR + 1.43% - 2.25% |  | Property and equipment (Note 12) and lease agreement
2018 |  | TII |  | US$ |  | 0.01 |  | — |  | 2019 - 2023 |  | Quarterly |  | 3 months LIBOR + 1.25% |  | None
Syndication of Banks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2015 |  | The Company, GSD |  | Rp |  | 3,000 |  | 500 |  | 2016 - 2022 |  | Quarterly |  | 3 months JIBOR + 2.00% |  | All Assets
2018 |  | TII |  | US$ |  | 0.09 |  | — |  | 2020 - 2024 |  | Semi-annually |  | 6 months LIBOR + 1.25% |  | None
Citibank |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2018 |  | The Company |  | Rp |  | 1,000 |  | — |  | 2019 - 2020 |  | Quarterly |  | 8.50% |  | None
|  |  |  |  |  |  |  | Current |  |  |  |  |  |  |  |
|  |  |  |  |  | Total |  | period |  | Principal |  | Interest |  |  |  |
|  |  |  |  |  | facility |  | payment |  | payment |  | payment |  |  |  |
|  | Borrower |  | Currency |  | (in billions)* |  | (in billions)* |  | schedule |  | period |  | Interest rate per annum |  | Security
BCA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2017 - 2018 |  | Metra, Dayamitra, Telkom Infratel |  | Rp |  | 870 |  | 21 |  | 2018 - 2025 |  | Quarterly |  | 3 months JIBOR + 1.50% - 1.85% |  | Property and equipment (Note 12)
UOB Singapore |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2016 |  | TII |  | US$ |  | 0.06 |  | — |  | 2019 - 2024 |  | Monthly |  | 1 month LIBOR + 1.25% |  | None
Sumitomo |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2015 - 2017 |  | GSD, Metra, Infomedia, Dayamitra |  | Rp |  | 1,150 |  | 194 |  | 2016 - 2022 |  | Quarterly |  | 3 months JIBOR + 1.50% - 2.15% |  | None
Bank CIMB Niaga |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2011 |  | GSD |  | Rp |  | 78 |  | 8 |  | 2011 - 2021 |  | Monthly |  | 9.75% |  | Property and equipment (Note 12) and lease agreement
2017 |  | GSD, Metra |  | Rp |  | 495 |  | 28 |  | 2018 - 2023 |  | Quarterly |  | 3 months JIBOR + 1.50% |  | None
ANZ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2015 – 2017 |  | GSD, PINS |  | Rp |  | 750 |  | — |  | 2020 - 2022 |  | Quarterly |  | 3 months JIBOR + 2.00% |  | Property and equipment (Note 12)
UOB |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2016 |  | Dayamitra |  | Rp |  | 500 |  | 71 |  | 2018 - 2024 |  | Quarterly |  | 3 months JIBOR + 2.20% |  | Property and equipment (Note 12)
DBS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2016 - 2017 |  | Nutech, Telkomsat |  | Rp |  | 136 |  | 17 |  | 2017 - 2022 |  | Monthly, Quarterly |  | 9.17%, 11.00% |  | Trade receivables (Note 6) and Property and equipment (Note 12)
2017 |  | PINS, Dayamitra |  | Rp |  | 400 |  | 38 |  | 2018 - 2022 |  | Quarterly |  | 3 months JIBOR + 1.50% |  | None
ICBC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2017 |  | GSD |  | Rp |  | 272 |  | 45 |  | 2017 - 2023 |  | Quarterly |  | 3 months JIBOR + 2.36% |  | Trade receivables (Note 6) and Property and equipment (Note 12)
Exim Bank of Malaysia Berhard |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2016 |  | TII |  | MYR |  | 0.06 |  | 0.014 |  | 2017 - 2020 |  | Monthly |  | ECOF + 1.89% |  | None
JBIC b |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2013 |  | The Company |  | US$ |  | 0.03 |  | 0.004 |  | 2014 - 2019 |  | Semi-annually |  | 2.18% |  | None
2013 |  | The Company |  | US$ |  | 0.03 |  | 0.003 |  | 2014 - 2019 |  | Semi-annually |  | 6 months LIBOR + 1.20% |  | None
* In original currency a Telkomsel has no collateral for its bank loans, or other credit facilities. The terms of the various agreements with Telkomsel’s lenders and financiers require compliance with a number of covenants and negative covenants as well as financial and other covenants, which include, among other things, certain restrictions on the amount of dividends and other profit distributions which could adversely affect Telkomsel’s capacity to comply with its obligation under the facility. The terms of the relevant agreements also contain default and cross default clauses. As of December 31, 2018 Telkomsel has complied with the above covenants. b In connection with the agreement with NEC Corporation Consortium and TE SubCom, the Company entered into a loan agreement with JBIC, for the procurement of goods and services from NEC Corporation Consortium and TE SubCom for the Southeast Asia Japan Cable System project. The facilities consist of facilities A and B amounting to US$18.8 million and US$12.5 million, respectively. c Based on the latest amendment on December 11, 2018. As stated in the agreements, the Group is required to comply with all covenants or restrictions such as dividend distribution, obtaining new loans, and maintaining financial ratios. As of December 31, 2018, the Group has complied with all covenants or restrictions, except for certain loans. As of December 31, 2018, the Group obtained waiver from lenders to not demand the loan payment as consequence of the breach of covenants. On March 13, 2015, the Company, GSD, Metra, and Infomedia entered into several credit facilities agreements with Sumitomo, MUFG Bank, ANZ, and syndication of banks (BCA and BNI) amounting to Rp750 billion, Rp750 billion, Rp500 billion, and Rp3,000 billion, respectively. Based on amendment on August 2, 2016, Dayamitra and Telkom Akses are included as borrowers into Sumitomo and MUFG Bank credit facilities agreement and excluded GSD from those agreement. Based on the latest amendment on March 13, 2017, PINS is included as one of borrower into ANZ’s credit facility agreement. In 2017, PINS drawn down the facility amounted to Rp200 billion. As of December 31, 2018 the unused facilities for Sumitomo, MUFG Bank, and ANZ amounted to Rp82.5 billion, Rp82.5 billion, and Rp60 billion, respectively. On March, 24, 2017, the Company, Dayamitra, Sigma, GSD, and TII entered several credit agreements with BRI, BNI, and Bank Mandiri amounting to Rp1,000 billion, Rp2,005 billion, and Rp1,500 billion, respectively. As of December 31, 2018, the unused facilities for Bank Mandiri amounted to Rp5 billion. On March 30, 2017, The Company, GSD, Metra, Dayamitra, PINS, and Telkomsat entered into several credit agreements with MUFG Bank, Sumitomo, DBS, Bank CIMB Niaga, and BCA amounting to Rp400 billion, Rp400 billion, Rp850 billion, Rp495 billion, and Rp850 billion, respectively. Based on amendment on June 29, 2017, Telkom Infratel is included as one of borrower into BCA’s credit facility agreement replaced PINS. As of December 31, 2018, the unused facilities for MUFG Bank, Sumitomo, DBS, Bank CIMB Niaga, and BCA amounted to Rp79 billion, Rp79 billion, Rp420 billion, Rp20 billion, and Rp564 billion, respectively. On March, 27, 2018, the Company, Dayamitra and TII entered into several credit agreements with BNI, BRI, Bank Mandiri, and MUFG Bank amounting to Rp825 billion, Rp700 billion, Rp775 billion, and Rp800 billion. As of December 31, 2018, the unused facilities for BNI, BRI, Bank Mandiri, and MUFG Bank amounting to Rp825 billion, Rp500 billion, Rp775 billion, and RpNil, respectively. The credit facilities were obtained by the Group for working capital purposes. d. Other borrowing
|  |  |  | Outstanding
Lenders |  | Currency |  | 2017 |  | 2018
PT Sarana Multi Infrastruktur |  | Rp |  | 1,300 |  | 2,250
Unamortized debt issuance cost |  |  |  | (5) |  | (6)
Total |  |  |  | 1,295 |  | 2,244
Current maturities (Note 18b) |  |  |  | (99) |  | (294)
Long-term portion |  |  |  | 1,196 |  | 1,950
Refer to Note 33 for details of related party transactions. i. Dayamitra
|  |  |  |  |  |  |  | Current |  |  |  |  |  |
|  |  |  |  |  | Total |  | period |  | Principal |  |  |  |
|  |  |  |  |  | facility |  | payment |  | payment |  | Interest rate |  |
|  | Borrower |  | Currency |  | (in billions) |  | (in billions) |  | schedule |  | per annum |  | Security
PT Sarana Multi Infrastruktur |  |  |  |  |  |  |  |  |  |  |  |  |  |
October 12, 2016 |  | Dayamitra |  | Rp |  | 700 |  | 50 |  | Semi-annually (2018-2024) |  | 3 months JIBOR+1.85% |  | Property and equipment (Note 12)
March 29, 2017 |  | Dayamitra |  | Rp |  | 600 |  | — |  | Semi-annually (2018-2024) |  | 3 months JIBOR+1.85% |  | Property and equipment (Note 12)
Under the agreement, Dayamitra is required to comply with all covenants or restrictions, including maintaining financial ratios as follows : 1. Debt to equity ratio should not exceed 5:1. 2. Net debt to EBITDA ratio should not exceed 4:1. 3. Debt service coverage is at least 100%. As of December 31, 2018, Dayamitra has complied with the above-mentioned ratios. ii. The Company
|  |  |  |  |  |  |  | Current period |  | Principal |  |  |  |
|  |  |  |  |  | Total facility |  | payment |  | payment |  | Interest rate |  |
|  | Borrower |  | Currency |  | (in billions) |  | (in billions) |  | schedule |  | per annum |  | Security
PT Sarana Multi Infrastruktur |  |  |  |  |  |  |  |  |  |  |  |  |  |
November 14, 2018 |  | The Company |  | Rp |  | 1,000 |  | — |  | Semi-annually (2019-2023) |  | 8.35 | % | None
Under the agreement, The Company is required to comply with all covenants or restrictions, including maintaining financial ratios as follows : 1. Debt to equity ratio should not exceed 2:1. 2. EBITDA to interest ratio should not be less than 4:1. 3. Debt service coverage is at least 125%. As of December 31, 2018, The Company has complied with the above-mentioned ratios.

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