JAKARTA - Sinar Mas Land, through PT Trans Bumi Serbaraja, obtained a syndicated loan of IDR 3.28 trillion to finance the construction of the Serpong-Balaraja Section 1 toll road.
The signing of a 15-year syndicated credit facility agreement with five creditors, namely PT Bank Central Asia Tbk (BCA), Bank Mandiri and PT Sarana Multi Infrastruktur (SMI), Bank BJB and Bank Papua, took place on Wednesday 31 March 2021.
President Director of PT Trans Bumi Serbaraja Christopher Siswanto Adisaputro expressed his gratitude to the creditors who participated in signing the credit for this project.
"We are sure that with the support of the five creditors, this toll road that is needed by the community can immediately operate," he said.
This syndicated loan was initiated by BCA, Bank Mandiri and PT SMI as a Joint Mandated Lead Arranger and Book Runners (JMLAB) and a joint creditor with Bank BJB and Bank Papua.
In this syndication, BCA acts as a facility agent and escrow agent. Meanwhile, selected as the guarantee agent is Bank Mandiri.
PT Trans Bumi Serbaraja is a BUJT (toll road business entity) of the Serpong-Balaraja section with a length of approximately 39.9 kilometers and is currently working on the construction of section 1A.
The 4.5-kilometer section 1A toll road connecting The Green area with AEON Mall BSD City is targeted to start operating in the fourth quarter of 2021.
Syndicated banking loans are needed because the investment for section 1 of the toll road segment reaches IDR 5.47 trillion, including IDR 2.19 trillion, which will be fulfilled by the equity of PT Trans Bumi Serbaraja as the concession holder of the Serpong-Balaraja toll road.
Construction is also being carried out for section 1B along approximately 5.3 kilometers from AEON Mall to Legok. Serbaraja Toll Road is one of the National Strategic Projects (PSN) in Banten Province.
According to the plan, this toll road will ease the burden on vehicles borne by roads in the Tangerang area and be connected to the Ulujami-Serpong toll road and connect South Tangerang City with Tangerang Regency.
The toll road construction is divided into three stages, namely section 1 Serpong-Legok (9.8 kilometers), section 2 Legok-Pasir Barat (11.5 kilometers), and section 3 Pasir Barat-Balaraja (18.6 kilometers).
The Serbaraja section 1A toll gate will be located right on the side of the AEON Mall and will be connected to Cisauk Station, which is in the BSD City Intermoda area.
This area is a transit-oriented development (TOD) that connects several public transportation services including the BSD Link shuttle bus and the Commuter Line through Cisauk Station.
It is hoped that the presence of this toll road will facilitate the mobilization of residents of BSD City and its surroundings and help the growth of a number of urban areas in South Tangerang City, Tangerang Regency and Bogor Regency.
This infrastructure project is also intended as an alternative route to develop and equalize the development of the Tangerang region in the south, central and west which is currently underdeveloped.
Sinar Mas Land is a business entity in the property business owned by the late conglomerate Eka Tjipta Widjaja, the second richest man in the country. Meanwhile, BCA is the largest private bank in the country owned by the number 1 richest person in Indonesia, Michael Bambang Hartono and Robert Budi Hartono.
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