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LONG-TERM LOANS AND OTHER BORROWINGS | 12 Months Ended
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Dec. 31, 2019
LONG-TERM LOANS AND OTHER BORROWINGS |
LONG-TERM LOANS AND OTHER BORROWINGS | 20. LONG-TERM LOANS AND OTHER BORROWINGS Long-term loans and other borrowings consist of the following:
|  | Notes |  | 2018 |  | 2019
Two-step loans |  | 20a |  | 751 |  | 542
Bonds and notes |  | 20b |  | 9,956 |  | 7,467
Bank loans |  | 20c |  | 18,748 |  | 21,167
Other borrowings |  | 20d |  | 1,950 |  | 3,113
Obligations under finance leases |  | 13 |  | 2,338 |  | —
Lease liabilities |  | 13 |  | — |  | 12,554
Total |  |  |  | 33,743 |  | 44,843
Scheduled principal payments as of December 31, 2019 are as follows:
|  |  |  |  |  | Year
|  | Notes |  | Total |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | Thereafter
Two-step loans |  | 20a |  | 542 |  | 178 |  | 141 |  | 125 |  | 98 |  | —
Bonds and notes |  | 20b |  | 7,467 |  | 477 |  | 2,198 |  | — |  | — |  | 4,792
Bank loans |  | 20c |  | 21,167 |  | 7,145 |  | 3,464 |  | 5,852 |  | 2,312 |  | 2,394
Other borrowings |  | 20d |  | 3,113 |  | 852 |  | 853 |  | 862 |  | 460 |  | 86
Lease liabilities |  | 13 |  | 12,554 |  | 3,453 |  | 2,959 |  | 2,281 |  | 1,437 |  | 2,424
Total |  |  |  | 44,843 |  | 12,105 |  | 9,615 |  | 9,120 |  | 4,307 |  | 9,696
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.
|  |  |  | 2018 |  | 2019
|  |  |  | Outstanding |  | Outstanding
|  |  |  | Foreign currency |  | Rupiah |  | Foreign currency |  | Rupiah
Lenders |  | Currency |  | (in millions) |  | equivalent |  | (in millions) |  | equivalent
Overseas banks |  | Yen |  | 4,607 |  | 602 |  | 3,839 |  | 491
|  | US$ |  | 13 |  | 188 |  | 9 |  | 120
|  | Rp |  | — |  | 159 |  | — |  | 125
Total |  |  |  |  |  | 949 |  |  |  | 736
Current maturities (Note 19b) |  |  |  |  |  | (198) |  |  |  | (194)
Long-term portion |  |  |  |  |  | 751 |  |  |  | 542
|  |  |  | 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 |  | 8.38 | %
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 and the withdrawal period for the two-step loans has ended. Under the loan covenants, the Company is required to maintain financial ratios as follows: i. Projected net revenue to projected debt service ratio should exceed 1.2:1 for the two-step loans originating from Asian Development Bank (“ADB”). ii. 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, 2019, the Company has complied with the above-mentioned ratios. b. Bonds and notes
|  |  |  | 2018 |  | 2019
|  |  |  | Outstanding |  | Outstanding
|  |  |  | Foreign currency |  | Rupiah |  | Foreign 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 |  | — |  | 200
Series C |  | Rp |  | — |  | 296 |  | — |  | 296
MTN Syariah Ijarah I Telkom 2018 |  |  |  |  |  |  |  |  |  |
Series A |  | Rp |  | — |  | 264 |  | — |  | —
Series B |  | Rp |  | — |  | 296 |  | — |  | 296
Series C |  | Rp |  | — |  | 182 |  | — |  | 182
Total |  |  |  |  |  | 10,495 |  |  |  | 9,969
Unamortized debt issuance costs |  |  |  |  |  | (14) |  |  |  | (11)
Total |  |  |  |  |  | 10,481 |  |  |  | 9,958
Current maturities (Note 19b) |  |  |  |  |  | (525) |  |  |  | (2,491)
Long-term portion |  |  |  |  |  | 9,956 |  |  |  | 7,467
(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 12b.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 replaced by 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), 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, 2019, the rating of the bonds issued by PT Pemeringkat Efek Indonesia (“Pefindo”) is idAAA (Triple A). Based on the Indenture Trusts Agreement, the Company is required to comply with all covenants or restrictions, including maintaining financial ratios as follows: (a) Debt to equity ratio should not exceed 2:1. (b) EBITDA to interest ratio should not be less than 5:1. (c) Debt service coverage is at least 125%. As of December 31, 2019, 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 12b.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, 2019, the rating of the bonds issued by Pefindo is idAAA (Triple A). Based on the Indenture Trusts Agreement, the Company is required to comply with all covenants or restrictions, including maintaining financial ratios as follows: (a) Debt to equity ratio should not exceed 2:1. (b) EBITDA to interest ratio should not be less than 4:1. (c) Debt service coverage is at least 125%. As of December 31, 2019, 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 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 Payment Agent and the Custodian. The MTN are traded in private placement programs. The funds obtained from MTN are used for access network and backbone development. As of December 31, 2019, the rating of the MTN issued by Pefindo is idAAA (Triple A). Under to the agreement, the Company is required to comply with all covenants or restrictions including maintaining financial ratios as follows: (a) Debt to equity ratio should not exceed 2:1. (b) EBITDA to interest ratio should not be less than 4:1. (c) Debt service coverage is at least 125%. As of December 31, 2019, 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 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 Payment Agent and 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, 2019, the rating of the MTN Syariah Ijarah issued by Pefindo is idAAA sy (Triple A Syariah). Under to the agreement, the Company is required to comply with all covenants or restrictions including maintaining financial ratios as follows: (a) Debt to equity ratio should not excedd 2:1. (b) EBITDA to interest ratio should not be less than 4:1. (c) Debt service coverage is at least 125%. As of December 31, 2019, the Company has complied with the above-mentioned ratios. c. Bank loans
|  |  |  | 2018 |  | 2019
|  |  |  | Outstanding |  | Outstanding
|  |  |  | Foreign |  |  |  | Foreign |  |
|  |  |  | currency |  | Rupiah |  | currency |  | Rupiah
Lenders |  | Currency |  | (in millions) |  | equivalent |  | (in millions) |  | equivalent
Related parties |  |  |  |  |  |  |  |  |  |
Bank Mandiri |  | Rp |  | — |  | 4,546 |  | — |  | 7,611
BNI |  | Rp |  | — |  | 6,826 |  | — |  | 5,898
BRI |  | Rp |  | — |  | 1,248 |  | — |  | 1,758
BNI Syariah |  | Rp |  | — |  | — |  |  |  | 52
Sub-total |  |  |  |  |  | 12,620 |  |  |  | 15,319
Third parties |  |  |  |  |  |  |  |  |  |
MUFG Bank |  | Rp |  | — |  | 3,011 |  | — |  | 2,981
|  | US$ |  | 10 |  | 144 |  | 8 |  | 108
Syndication of banks |  | Rp |  | — |  | 1,750 |  | — |  | 1,250
|  | US$ |  | 37 |  | 532 |  | 37 |  | 514
BCA |  | Rp |  | — |  | 740 |  | — |  | 1,665
DBS |  | Rp |  | — |  | 379 |  | — |  | 770
UOB Singapore |  | US$ |  | 49 |  | 710 |  | 40 |  | 556
PT Bank BTPN ("BTPN") (Previously Sumitomo) |  | Rp |  | — |  | 661 |  | — |  | 537
Citibank |  | Rp |  | — |  | 1,000 |  | — |  | 500
HSBC |  | Rp |  | — |  | — |  | — |  | 500
Bank of China |  | Rp |  | — |  | — |  | — |  | 500
ANZ |  | Rp |  | — |  | 440 |  | — |  | 440
Bank CIMB Niaga |  | Rp |  | — |  | 462 |  | — |  | 439
UOB |  | Rp |  | — |  | 428 |  | — |  | 357
PT Bank ICBC Indonesia ("ICBC") |  | Rp |  | — |  | 204 |  | — |  | 159
Exim Bank of Malaysia Berhad |  | MYR |  | 23 |  | 81 |  | 8 |  | 28
Japan Bank for International Cooperation ("JBIC") |  | US$ |  | 3 |  | 45 |  | — |  | —
Others |  | Rp |  | — |  | 33 |  | — |  | 9
|  | MYR |  | 13 |  | 46 |  | 11 |  | 38
Sub-total |  |  |  |  |  | 10,666 |  |  |  | 11,351
Total |  |  |  |  |  | 23,286 |  |  |  | 26,670
Unamortized debt issuance cost |  |  |  |  |  | (61) |  |  |  | (65)
Gain on debt restructuring |  |  |  |  |  | (5) |  |  |  | (4)
|  |  |  |  |  | 23,220 |  |  |  | 26,601
Current maturities (Note 19b) |  |  |  |  |  | (4,472) |  |  |  | (5,434)
Long-term portion |  |  |  |  |  | 18,748 |  |  |  | 21,167
Other significant information relating to bank loans as of December 31, 2019 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 - 2019 |  | GSD, the Company |  | Rp |  | 2,342 |  | 31 |  | 2018 - 2026 |  | Monthly, Quarterly |  | 8.75%, 9.00% |  | Trade receivables and all assets
2013 - 2018 |  | The Company, GSD, TLT, Sigma, Dayamitra, Telkom Infratel |  | Rp |  | 8,112 |  | 3,779 |  | 2016 - 2033 |  | Monthly, Quarterly |  | 1 month JIBOR + 2.20% - 2.50%; 3 months JIBOR + 1.85% - 2.25% |  | Trade receivables, Inventory, and Property and equipment
Bank Mandiri |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2017 - 2018 |  | The Company, Telkomsel a,b, Balebat |  | Rp |  | 9,455 |  | 3,449 |  | 2018 - 2025 |  | Monthly, Quarterly |  | 8.50% - 9.00% |  | Trade receivables, Inventory, and Property and equipment
2017- 2019 |  | GSD, Dayamitra, Telkomsel |  | Rp |  | 3,763 |  | 255 |  | 2019 - 2026 |  | Quarterly |  | 3 months JIBOR + 0.60% - 1.85% |  | None
BRI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2019 |  | The Company |  | Rp |  | 2,000 |  | 48 |  | 2021 - 2026 |  | Quarterly |  | 9.00% |  | All assets
2017 - 2019 |  | The Company, Dayamitra, GSD |  | Rp |  | 1,253 |  | 195 |  | 2019 - 2025 |  | Quarterly |  | 3 months JIBOR + 1.85% - 2.00% |  | Property and equipment
|  |  |  |  |  |  |  | Current |  |  |  |  |  |  |  |
|  |  |  |  |  | Total |  | period |  | Principal |  | Interest |  | Interest |  |
|  |  |  |  |  | facility |  | payment |  | payment |  | payment |  | rate per |  |
|  | Borrower |  | Currency |  | (in billions)* |  | (in billions)* |  | schedule |  | period |  | annum |  | Security**
MUFG Bank |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2015 - 2018 |  | GSD, Metra, Infomedia, Dayamitra |  | Rp |  | 3,950 |  | 1,980 |  | 2016 - 2025 |  | Quarterly |  | 3 months JIBOR + 1.43% - 2.15% |  | Property and equipment and lease agreement
2018 |  | TII |  | US$ |  | 0.01 |  | 0.002 |  | 2019 - 2022 |  | 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 |  | — |  | 2019 - 2024 |  | Semi-annually |  | 6 months LIBOR + 1.25% |  | None
Citibank |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2018 |  | The Company |  | Rp |  | 1,000 |  | 500 |  | 2019 - 2020 |  | Quarterly |  | 8.50% |  | None
BCA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2016 - 2018 |  | PST |  | Rp |  | 805 |  | 102 |  | 2017 - 2024 |  | Quarterly |  | 10.00%-10.50% |  | Property and equipment
2017 - 2019 |  | Metra, Dayamitra, Telkom Infratel |  | Rp |  | 1,470 |  | 117 |  | 2018 - 2026 |  | Quarterly |  | 3 months JIBOR + 1.50% - 1.85% |  | Property and equipment
UOB Singapore |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2016 |  | TII |  | US$ |  | 0.06 |  | 0.009 |  | 2019 - 2024 |  | Monthly |  | 1 month LIBOR + 1.25% |  | None
BTPN |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2015 - 2019 |  | GSD, Metra, Infomedia, Dayamitra, TII |  | Rp |  | 1.309 |  | 214 |  | 2016 - 2023 |  | Quarterly |  | 3 months JIBOR + 1.44% - 2.15% |  | None
Bank CIMB Niaga |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2011 |  | GSD |  | Rp |  | 41 |  | 7 |  | 2012 - 2021 |  | Monthly |  | 9.75% |  | Property and equipment and lease agreement
2017 - 2019 |  | GSD, Metra |  | Rp |  | 695 |  | 108 |  | 2018 - 2024 |  | Quarterly |  | 3 months JIBOR + 1.50% |  | None
ANZ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2015 - 2017 |  | GSD, PINS |  | Rp |  | 500 |  | — |  | 2020 |  | Quarterly |  | 3 months JIBOR + 2.00% |  | None
UOB |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2016 |  | Dayamitra |  | Rp |  | 500 |  | 71 |  | 2018 - 2024 |  | Quarterly |  | 3 months JIBOR + 2.20% |  | Property and equipment
DBS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2016 |  | Nutech |  | Rp |  | 6 |  | 1 |  | 2017 - 2021 |  | Monthly |  | 11.00% |  | Trade receivables and Property and equipment
2017 - 2019 |  | PINS, Dayamitra,Telkomsat |  | Rp |  | 1,030 |  | 108 |  | 2018 - 2026 |  | Quarterly |  | 3 months JIBOR + 1.50% - 1.85% |  | None
ICBC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2017 |  | GSD |  | Rp |  | 272 |  | 45 |  | 2017 - 2023 |  | Quarterly |  | 3 months JIBOR + 2.36% |  | Trade receivables and Property and equipment
Exim Bank of Malaysia Berhad |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2016 |  | TII |  | MYR |  | 0.06 |  | 0.015 |  | 2017 - 2020 |  | Monthly |  | ECOF + 1.89% |  | None
HSBC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2019 |  | Telkomsel a |  | Rp |  | 1,000 |  | 500 |  | 2019 - 2021 |  | Monthly |  | 1 month JIBOR + 0.60% |  | None
Bank of China |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2019 |  | Telkomsel a |  | Rp |  | 1,000 |  | 500 |  | 2019 - 2021 |  | Monthly |  | 1 month JIBOR + 0.60% |  | None
* In original currency ** Refer to Notes 6,8 and 12 for details of trade receivables, inventories, and property and equipment pledged as collaterals. 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, 2019 Telkomsel has complied with the above covenants. b 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, 2019, the Group has complied with all covenants or restrictions, except for certain loans. As of December 31, 2019, the Group obtained waiver from lenders for the non-fulfillment financial ratios except for the current ratios in Telkom Infratel. Waiver for Telkom Infratel received on January 27, 2020, as a result, as of December 31, 2019, bank loans from BCA amounting to Rp50 billion are reclassified as current liabilities. On March 13, 2015, the Company, GSD, Metra, and Infomedia entered into several credit facilities agreements with BTPN, MUFG Bank, ANZ, and syndication of banks (BCA and BNI) with total facilities 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 BTPN 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, 2019 the unused facilities for BTPN, 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 with total facilities amounting to Rp1,000 billion, Rp2,005 billion, and Rp1,500 billion, respectively. As of December 31, 2019, the unused facility for BNI and Bank Mandiri amounted to Rp68 billion and Rp5 billion, respectively. On March 30, 2017, the Company, GSD, Metra, Dayamitra, PINS, and Telkomsat entered into several credit agreements with MUFG Bank, BTPN, DBS, Bank CIMB Niaga, and BCA with total facilities 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 to replace PINS. As of December 31, 2019, the unused facilities for MUFG Bank, BTPN, 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 and Dayamitra entered into several credit agreements with BRI, Bank Mandiri, and MUFG Bank with total facilities amounting to Rp200 billion, Rp775 billion, and Rp800 billion, respectively. As of December 31, 2019, all facilities has been used. On January 15, 2019, the Company, Infomedia, TII, Telkom Infratel, Telkomsat, and Sigma entered into several agreements with BTPN with total facilities amounting to Rp628 billion. As of December 31, 2019, the unused facility for BTPN amounting to Rp538 billion. On June 19, 2019, the Company and Dayamitra entered into a credit agreement with BNI with total facilities amounting to Rp2,160 billion and Rp840 billion, respectively. As of December 31, 2019, the unused facility for BNI amounting to Rp2,800 billion. On July 8, 2019, the Company, PINS, and GSD entered into a credit agreement with Bank CIMB Niaga with total facilities amounting to Rp500 billion, Rp300 billion, and Rp200 billion, respectively. As of December 31, 2019, the unused facility for Bank CIMB Niaga amounting to Rp908 billion. On November 21, 2019, the Company, Dayamitra, and GSD entered into a credit agreement with Bank Mandiri with total facilities amounting to Rp1,400 billion, Rp1,113 billion, and Rp200 billion, respectively. As of December 31, 2019, the unused facility for Bank Mandiri amounting to Rp2,069 billion. These credit facilities were obtained by the Group for working capital purposes. d. Other borrowings
|  |  |  | Outstanding
Lenders |  | Currency |  | 2018 |  | 2019
PT Sarana Multi Infrastruktur |  | Rp |  | 2,250 |  | 3,748
Unamortized debt issuance cost |  |  |  | (6) |  | (8)
Total |  |  |  | 2,244 |  | 3,740
Current maturities (Note 19b) |  |  |  | (294) |  | (627)
Long-term portion |  |  |  | 1,950 |  | 3,113
i. Dayamitra
|  |  |  |  |  | Total facility |  | Current period |  | Principal payment |  | Interest rate |  |
|  | Borrower |  | Currency |  | (in billions) |  | payment (in billions) |  | schedule |  | per annum |  | Security
PT Sarana Multi |  |  |  |  |  |  |  |  |  |  |  |  |  |
Infrastruktur |  |  |  |  |  |  |  |  |  |  |  |  |  |
October 12, 2016 |  | Dayamitra |  | Rp |  | 700 |  | 100 |  | Semi-annually (2018-2024) |  | 3 months JIBOR + 1.85% |  | Property and equipment (Note 12)
March 29, 2017 |  | Dayamitra |  | Rp |  | 600 |  | 86 |  | Semi-annually (2019-2025) |  | 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 : (a) Debt to equity ratio should not exceed 5:1. (b) Net debt to EBITDA ratio should not exceed 4:1. (c) Debt service coverage is at least 100%. As of December 31, 2019, Dayamitra has complied with the above-mentioned ratios. ii. The Company
|  |  |  |  |  |  |  |  |  | Principal |  |  |  |
|  |  |  |  |  | Total facility |  | Current period |  | payment |  | Interest rate |  |
|  | Borrower |  | Currency |  | (in billions) |  | payment (in billions) |  | schedule |  | per annum |  | Security
PT Sarana Multi Infrastruktur |  |  |  |  |  |  |  |  |  |  |  |  |  |
November 14, 2018 |  | The Company |  | Rp |  | 1,000 |  | 110 |  | Semi-annually (2019-2023) |  | 8.35 | % | None
March 29, 2019 |  | The Company |  | Rp |  | 2,273 |  | — |  | Semi-annually (2020-2024) |  | 8.49 | % | None
Under the agreement, the Company is required to comply with all covenants or restrictions, including maintaining financial ratios as follows : (a) Debt to equity ratio should not exceed 2:1. (b) EBITDA to interest ratio should not be less than 4:1. (c) Debt service coverage is at least 125%. As of December 31, 2019, the Company has complied with the above-mentioned ratios. iii. Telkomsat
|  |  |  |  |  |  |  | Current period |  | Principal |  |  |  |
|  |  |  |  |  | Total facility |  | payment |  | payment |  | Interest rate |  |
|  | Borrower |  | Currency |  | (in billions) |  | (in billions) |  | schedule |  | per annum |  | Security
PT Sarana Multi Infrastruktur |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 29, 2019 |  | Telkomsat |  | Rp |  | 164 |  | — |  | Semi-annually (2020-2024) |  | 8.49 | % | None
Under the agreement, Telkomsat is required to comply with all covenants or restrictions, including maintaining financial ratios as follows: (a) Debt to equity ratio should not exceed 2:1. (b) EBITDA to interest ratio should not be less than 4:1. (c) Minimal debt service coverage at least 125%. As of December 31, 2019, Telkomsat has complied with the above-mentioned ratios. On March 29, 2019, the Company, Telkomsat, and Telkom Infratel entered into a credit agreement with PT Sarana Multi Infrastruktur amounting to Rp2,273 billion, Rp164 billion, and Rp563 billion, respectively. As of December 31, 2019, the unused facility for PT Sarana Multi Infrastruktur amounting to Rp1,206 billion, included Telkom Infratel amounting to Rp563 billion.

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