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LONG-TERM BANK LOANS AND BORROWINGS | 12 Months Ended
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Dec. 31, 2021
LONG-TERM BANK LOANS AND BORROWINGS |
LONG-TERM BANK LOANS AND BORROWINGS | 21. LONG-TERM BANK LOANS AND BORROWINGS Long-term bank loans and borrowings consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Notes |  | 2020 |  | 2021
Two-step loans |  | 21a |  | 384 |  | 217
Bonds and notes |  | 21b |  | 6,991 |  | 4,793
Bank loans |  | 21c |  | 20,581 |  | 29,745
Other borrowings |  | 21d |  | 2,605 |  | 1,564
Total |  |  |  | 30,561 |  | 36,319
​ Scheduled principal payments as of December 31, 2021 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Year
​ |  | Notes |  | Total |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | Thereafter
Two-step loans |  | 21a |  | 217 |  | 122 | ​ | 95 | ​ | — | ​ | — | ​ | —
Bonds and notes |  | 21b |  | 4,793 |  | — | ​ | — | ​ | 2,098 | ​ | — | ​ | 2,695
Bank loans |  | 21c |  | 29,745 |  | 8,842 | ​ | 6,572 | ​ | 5,356 | ​ | 4,358 | ​ | 4,617
Other borrowings |  | 21d |  | 1,564 |  | 1,052 | ​ | 512 | ​ | — | ​ | — | ​ | —
Total |  |  |  | 36,319 |  | 10,016 |  | 7,179 |  | 7,454 |  | 4,358 |  | 7,312
​ 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. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | 2020 | ​ | 2021
​ | ​ | ​ | ​ | Outstanding | ​ | Outstanding
​ |  | ​ |  | Foreign currency |  | Rupiah |  | Foreign currency |  | Rupiah
Lenders | ​ | Currency | ​ | (in millions) | ​ | equivalent | ​ | (in millions) | ​ | equivalent
Overseas banks |  | Yen |  | 3,072 |  | 418 |  | 2,304 |  | 285
​ |  | US$ |  | 4 |  | 59 |  | 1 |  | 14
​ |  | Rp |  | — |  | 91 |  | ​ |  | 56
Total |  |  |  |  |  | 568 |  |  |  | 355
Current maturities (Note 20b) |  |  |  |  |  | (184) |  |  |  | (138)
Long-term portion |  |  |  |  |  | 384 |  |  |  | 217
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | 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 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, 2021, the Company has complied with the above-mentioned ratios. b. Bonds and notes ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | 2020 | ​ | 2021
Bonds and notes | ​ | Currency | ​ | Outstanding | ​ | Outstanding
Bonds | ​ |  | ​ |  | ​ |
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 C | ​ | Rp | ​ | 296 | ​ | —
MTN Syariah Ijarah I Telkom 2018 |  | ​ |  | ​ |  | ​
Series C | ​ | Rp | ​ | 182 | ​ | —
Total |  | ​ |  | 7,478 |  | 7,000
Unamortized debt issuance cost |  | ​ |  | (9) |  | (7)
Total |  | ​ |  | 7,469 |  | 6,993
Current maturities (Note 20b) |  | ​ |  | (478) |  | (2,200)
Long-term portion |  | ​ |  | 6,991 |  | 4,793
​ (i) Bonds 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 13b.x). The underwriters of the bonds are Bahana, PT BRI 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 acquisition of some domestic and international entities. As of December 31, 2021, 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, 2021, the Company has complied with the above-mentioned ratios. (ii) MTN MTN I Telkom Year 2018 ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Issuance | ​ | Maturity | ​ | Interest payment | ​ | Interest rate | ​ | ​
Notes | ​ | Currency | ​ | Principal | ​ | date | ​ | 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 BRI 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, 2021, all MTN had been repaid. MTN Syariah Ijarah I Telkom Year 2018 ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Annual | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Issuance | ​ | Maturity | ​ | Return | ​ | return | ​ | ​
Notes |  | Currency |  | Principal |  | 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 BRI 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, 2021, all MTN Syariah Ijarah had been repaid. c. Bank loans ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | 2020 | ​ | 2021
​ | ​ | ​ | ​ | Outstanding | ​ | Outstanding
​ | ​ | ​ | ​ | Foreign | ​ | ​ | ​ | Foreign | ​ | ​
​ |  | ​ |  | currency |  | Rupiah |  | currency | ​ | Rupiah
Lenders | ​ | Currency | ​ | (in millions) | ​ | equivalent | ​ | (in millions) | ​ | equivalent
Related parties | ​ |  | ​ |  | ​ |  | ​ |  | ​ |
BNI | ​ | Rp | ​ | — | ​ | 7,958 | ​ | — | ​ | 7,500
Bank Mandiri | ​ | Rp | ​ | — | ​ | 6,203 | ​ | — | ​ | 7,374
BRI | ​ | Rp | ​ | — | ​ | 2,822 | ​ | — | ​ | 2,223
BSI | ​ | Rp | ​ | — | ​ | 43 | ​ | — | ​ | 533
Sub-total | ​ | ​ | ​ |  | ​ | 17,026 |  |  | ​ | 17,630
Third parties | ​ | ​ | ​ |  | ​ |  |  |  | ​ |
BCA | ​ | Rp | ​ | — | ​ | 3,145 | ​ | — | ​ | 8,651
Bank DBS | ​ | Rp | ​ | — | ​ | 1,378 | ​ | — | ​ | 3,887
MUFG Bank | ​ | Rp | ​ | — | ​ | 2,596 | ​ | — | ​ | 1,972
Bank Permata | ​ | Rp | ​ | — | ​ | 757 | ​ | — | ​ | 1,188
HSBC | ​ | Rp | ​ | — | ​ | 214 | ​ | — | ​ | 750
Bank of China | ​ | Rp | ​ | — | ​ | — | ​ | — | ​ | 400
Syndication of banks | ​ | Rp | ​ | — | ​ | 1,326 | ​ | — | ​ | 350
​ | ​ | US$ | ​ | 30 | ​ | 427 | ​ | 24 | ​ | 338
UOB Singapore | ​ | US$ | ​ | 31 | ​ | 437 | ​ | 22 | ​ | 314
PT Bank ANZ Indonesia ("Bank ANZ") | ​ | Rp | ​ | — | ​ | 374 | ​ | — | ​ | 286
Bank CIMB Niaga | ​ | Rp | ​ | — | ​ | 307 | ​ | — | ​ | 194
​ | ​ | US$ | ​ | — | ​ | — | ​ | 0 | ​ | 5
BTPN | ​ | Rp | ​ | — | ​ | 173 | ​ | — | ​ | 84
PT Bank ICBC Indonesia ("ICBC") | ​ | Rp | ​ | — | ​ | 113 | ​ | — | ​ | 68
Others (each below Rp75 billion) | ​ | MYR | ​ | 12 | ​ | 41 | ​ | 11 | ​ | 36
Sub-total | ​ | ​ |  |  |  | 11,288 | ​ |  |  | 18,523
Total | ​ | ​ | ​ | ​ |  | 28,314 | ​ | ​ |  | 36,153
Unamortized debt issuance cost |  | ​ |  |  |  | (85) | ​ |  |  | (97)
​ | ​ | ​ |  |  |  | 28,229 | ​ |  |  | 36,056
Current maturities (Note 20b) | ​ | ​ | ​ | ​ | ​ | (7,648) | ​ | ​ | ​ | (6,311)
Long-term portion | ​ | ​ | ​ | ​ | ​ | 20,581 | ​ | ​ | ​ | 29,745
​ Other significant information relating to bank loans as of December 31, 2021 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 |  | 28 |  | 2020 - 2024 |  | Monthly |  | 8.75% | ​ | Trade receivables
2013 - 2021 |  | The Company, GSD, TLT, Sigma, Mitratel, Telkomsela |  | Rp |  | 12,902 | ​ | 2,834 | ​ | 2016 - 2033 |  | Monthly, Quarterly |  | 1 month JIBOR + 0.50% - 2.50%; 3 months JIBOR + 1.70% - 2.25% | ​ | Trade receivables, inventory, and property and equipment
Bank Mandiri | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2018 |  | Balebat |  | Rp |  | 25 | ​ | 0 | ​ | 2018 - 2022 |  | Monthly | ​ | 9.00% | ​ | Trade receivables, inventory, and property and equipment
2017- 2021 |  | The Company, GSD, Mitratel, |  | Rp |  | 8,793 | ​ | 828 | ​ | 2019 - 2028 |  | Quarterly | ​ | 3 months JIBOR + 1.50% - 2.25% | ​ | 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**
BRI | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2017 - 2019 | ​ | The Company, Mitratel, GSD | ​ | Rp | ​ | 3,253 | ​ | 600 | ​ | 2019 - 2026 | ​ | Quarterly | ​ | 3 months JIBOR + 1.70% - 2.00% | ​ | Property and equipment
BSI | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2019 - 2021 | ​ | SSI, Telkomsela | ​ | Rp | ​ | 560 | ​ | 160 | ​ | 2019 - 2024 | ​ | Monthly | ​ | 3.80% - 10.00% | ​ | Property and equipment
BCA | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2017 - 2021 |  | The Company, Mitratel, Telkom Infra, PST |  | Rp |  | 11,811 |  | 287 |  | 2018 - 2028 |  | Quarterly, Semi-annually |  | 3 months JIBOR + 1.50% - 1.85% |  | Trade receivables and property and equipment
DBS | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2017 - 2019 |  | PINS, Mitratel, Telkomsat |  | Rp |  | 4,530 |  | 191 |  | 2018 - 2028 |  | Quarterly, Semi-annually |  | 3 months JIBOR + 1.50% - 1.85% |  | Property and equipment
MUFG Bank | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2016 - 2021 |  | Mitratel, GSD |  | Rp |  | 3,600 |  | 593 |  | 2016 - 2028 |  | Quarterly |  | 3 months JIBOR + 1.43% - 2.40% |  | Property and equipment
Bank Permata |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2020 - 2021 |  | Mitratel |  | Rp |  | 1,250 |  | 63 |  | 2021 - 2028 |  | Semi-annually |  | 3 months JIBOR + 1.50% - 2.40% |  | Property and equipment
HSBC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2021 |  | Mitratel |  | Rp |  | 750 |  | - |  | 2023 - 2028 |  | Semi-annually |  | 3 months JIBOR + 1.50% |  | Property and equipment
Bank of China |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2019 |  | Telkomsela |  | Rp |  | 1,000 |  | 1,000 |  | 2021 - 2023 |  | Semi-annually |  | 3 months JIBOR + 0.60% |  | None
Syndication of banks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2015 - 2021 |  | The Company, GSD |  | Rp |  | 8,000 |  | 500 |  | 2016 - 2028 |  | Quarterly |  | 3 months JIBOR + 2.00% - 2.50% |  | None
2018 |  | Telin |  | US$ |  | 0.09 |  | 0.007 |  | 2019 - 2025 |  | Semi-annually |  | 6 months LIBOR + 1.25% |  | None
UOB Singapore |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2018 |  | Telin |  | US$ |  | 0.049 |  | 0.009 |  | 2019 - 2024 |  | Semi-annually |  | 6 months LIBOR + 1.25% |  | None
ANZ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2015 |  | GSD, PINS |  | Rp |  | 440 |  | 88 |  | 2020 - 2025 |  | Quarterly |  | 3 months JIBOR + 1.40% |  | None
Bank CIMB |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Niaga |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2017 - 2019 |  | GSD, PINS |  | Rp |  | 700 |  | 80 |  | 2018 - 2025 |  | Quarterly |  | 3 months JIBOR + 1.50% - 1.95% |  | None
2021 |  | Telin |  | US$ |  | 0.055 |  | - |  | 2024 - 2029 |  | Semi-annually |  | 6 months LIBOR + 1.70% |  | None
BTPN |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2017 - 2020 |  | GSD, Mitratel, Telin, Admedika |  | Rp |  | 489 |  | 78 |  | 2018 - 2025 |  | Quarterly |  | 3 months JIBOR + 1.435% - 2.00% |  | None
ICBC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2017 |  | GSD |  | Rp |  | 272 |  | 45 |  | 2017 - 2024 |  | Quarterly |  | 3 months JIBOR + 2.36% |  | Trade receivables and property and equipment
*In original currency
** | Refer to Notes 6, 8, and 13 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, 2021 Telkomsel has complied with the above covenants
On March 13, 2015, the Company and GSD entered into credit agreements with syndication of banks (BCA and BNI) with total facilities amounting to Rp3,000 billion. As of December 31, 2021, all facilities had been used. On March, 24, 2017, the Company, Mitratel, Sigma, GSD, and Telin entered into 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, 2021, the unused facility for Bank Mandiri amounted to Rp5 billion. On March 30, 2017, the Company, GSD, Metra, Mitratel, PINS, and Telkomsat entered into several credit agreements with BTPN, Bank DBS, Bank CIMB Niaga, and BCA with total facilities amounting to Rp400 billion, Rp850 billion, Rp495 billion, and Rp850 billion, respectively. Based on amendment on June 29, 2017, Telkom Infra is included as one of borrower into BCA's credit facility agreement replaced PINS. As of December 31, 2021, the unused facilities for BTPN, Bank DBS, Bank CIMB Niaga and BCA amounted to Rp79 billion, Rp420 billion, Rp20 billion and Rp564 billion, respectively. On February 26, 2018, the Company entered into a credit agreement with Bank Mandiri with total facilities amounting to Rp775 billion. As of December 31, 2021, all facilities had been used. On February 26, 2018, the Company entered into a credit agreement with BNI with total facilities amounting to Rp825 billion. As of December 31, 2021, all facilities had been used. On March 27, 2018 and May 23, 2019, the Company and Mitratel entered into several credit agreements with MUFG Bank and BRI with total facilities amounting to Rp800 billion and Rp200 billion, respectively. As of December 31, 2021, all facilities had been used. On January 15, 2019, the Company, Infomedia, Telin, Telkom Infra, Telkomsat, and Sigma entered into a credit agreement with BTPN with total facilities amounting to Rp628 billion. As of December 31, 2021, the unused facility for BTPN amounted to Rp538 billion. On May 23, 2019, the Company entered into a credit agreement with BRI with total facilities amounting to Rp2,000 billion. As of December 31, 2021, all facilities had been used. On June 19, 2019, the Company and Mitratel entered into credit agreements with BNI with total facilities amounting to Rp2,160 billion and Rp840 billion, respectively. As of December 31, 2021, all facilities had been used. On March 12, 2020, the Company, GSD, and PINS entered into credit agreements amendments with Bank ANZ with total facilities amounting to Rp240 billion and Rp200 billion, respectively. As of December 31, 2021, all facilities had been used. On November 16, 2020, the Company, Mitratel, and GSD entered into credit agreements amendments with Bank Mandiri with total facilities amounting to Rp1,400 billion, Rp1,113 billion, and Rp200 billion, respectively. As of December 31, 2021, the unused facility for Bank Mandiri amounted to Rp136 billion. On December 4, 2020, the Company and Admedika entered into a credit agreement with BTPN with total facilities amounting to Rp1,500 billion. As of December 31, 2021, the unused facility for BTPN amounted to Rp1,480 billion. On January 18, 2021, the Company entered into a credit agreement with BRI with total facilities amounting to Rp1,000 billion. As of December 31, 2021, the facilities has not been used. On January 28, 2021, the Company entered into a credit agreement with Syndication of banks (Bank Mandiri and BNI) with total facilities amounting to Rp5,000 billion. As of December 31, 2021, the unused facility for Syndication of banks amounted to Rp4,900 billion. On October 28, 2021, the Company entered into a credit agreement with BCA with total facilities amounting to Rp6,000 billion. As of December 31, 2021, the unused facility for BCA amounted to Rp2,500 billion. On November 8, 2021, the Company, GSD, Metra, and Mitratel entered into a credit agreement amendment with MUFG Bank with total facilities amounting to Rp400 billion. As of December 31, 2021, the unused facility for MUFG Bank amounted to Rp79 billion. On November 17, 2021, the Company entered into a credit agreement with Bank Mandiri with total facilities amounting to Rp2,400 billion. As of December 31, 2021, all facilities had been used. On November 22, 2021, the Company, PINS, and GSD entered into credit agreement amendments with Bank CIMB Niaga with total facilities amounting to Rp500 billion, Rp300 billion, and Rp200 billion, respectively. As of December 31, 2021, the unused facility for Bank CIMB Niaga amounted to Rp796.6 billion. 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, 2021, the Group has complied with all covenants or restrictions, except for certain loans. As of December 31, 2021, the Group obtained waivers from lenders for the non-fulfillment financial ratios in Telkom Infra, Sigma and GSD. The waivers from BNI, BCA, Bank DBS, HSBC, Bank Mandiri, and ICBC were received on November 29, 2021, December 16, 2021, December 15, 2021, December 22, 2021, December 30, 2021, and December 31, 2021. The credit facilities were obtained by the Group for working capital and investment purposes. d. Other borrowings ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Outstanding
Lenders |  | Currency |  | 2020 |  | 2021
PT Sarana Multi Infrastruktur |  | Rp |  | 3,652 |  | 2,609
Unamortized debt issuance cost |  |  |  | (7) |  | (4)
Total |  |  |  | 3,645 |  | 2,605
Current maturities (Note 20b) |  |  |  | (1,040) |  | (1,041)
Long-term portion | ​ | ​ |  | 2,605 |  | 1,564
​ Other significant information relating to other borrowings as of December 31, 2021 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Total facility | ​ | Current period | ​ | Principal 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 | ​ | 220 | ​ | Semi-annually (2019 - 2023) | ​ | 3 months JIBOR + 1.75% | ​ | None
March 29, 2019 | ​ | The Company | ​ | Rp | ​ | 2,836 | ​ | 700 | ​ | Semi-annually (2020 - 2024) | ​ | 3 months JIBOR + 1.75% | ​ | None
October 12, 2016 |  | Mitratel |  | Rp |  | 700 |  | 100 |  | Semi-annually (2018 - 2024) |  | 3 months JIBOR + 1.85% |  | Property and equipment
March 29, 2019 |  | Telkomsat |  | Rp |  | 164 |  | 24 |  | Semi-annually (2020 - 2024) |  | 3 months JIBOR + 1.75% |  | None
​ Under the agreement, the Company, Mitratel, and Telkomsat are required to comply with all covenants or restrictions, including maintaining financial ratios as follows:
| (a) | Debt to equity ratio should not exceed 2:1, except Mitratel should not exceed 5:1
| (b) | Net debt EBITDA to interest ratio should not be less than 4:1, except Mitratel should not exceed 5:1
| (c) | Debt service coverage is at least 125%, except Mitratel is at least 100%
​ As of December 31, 2021, the Company, Mitratel, and Telkomsat has complied with the above-mentioned ratios. On November 14, 2018, the Company entered into a credit agreement with PT. Sarana Multi Infrastruktur with total facilities amounting to Rp1,000 billion. As of December 31, 2021, all facilities had been used. On June 15, 2020, the Company, Telkomsat, and Telkom Infra entered into credit agreements amendments with PT Sarana Multi Infrastruktur with total facilities amounting to Rp2,836 billion, Rp164 billion, and RpNil, respectively. As of December 31, 2021, the unused facility for PT Sarana Multi Infrastruktur amounted to Rp106 billion.

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