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Rating Action:

Moody's affirms MNC Investama's Caa3 corporate family rating; outlook negative

17 Apr 2018

Hong Kong, April 17, 2018 -- Moody's Investors Service has affirmed the Caa3 corporate family rating (CFR) of MNC Investama Tbk. (P.T.) (BHIT) and the Ca rating on the senior secured rating notes issued by its wholly-owned subsidiary, Ottawa Holdings Pte. Ltd. ("Ottawa"), and unconditionally and irrevocably guaranteed by BHIT.

The outlook on the ratings remains negative.

At the same time, Moody's has also assigned a (P)Caa1 rating to the proposed million new senior secured notes due 2021 to be issued by BHIT.

The rating action follows BHIT's announced exchange offer on 17 April 2018 - with respect to Ottawa's $365 million 5.875% senior secured notes -- of up to $250 million for new senior secured notes due 2021 and a cash tender payment.

BHIT is a listed investment holding company with core holdings in operating companies primarily in the Indonesian media and financial services sectors.

Through its 52.85% stake in PT Global Mediacom Tbk (BMTR), BHIT has a 62.84% stake in Media Nusantara Citra (P.T.) (MNCN), Indonesia's leading free-to-air broadcast company, and a 92.41% stake in MNC Sky Vision Tbk (P.T.) (SkyVision), Indonesia's leading pay-TV operator. BHIT also owns a 69.88% stake in PT MNC Kapital Indonesia Tbk (MKAP), a leading financial services company in Indonesia.

RATINGS RATIONALE

"BHIT's proposed exchange is necessary as it does not have sufficient funds on its balance sheet to repay its maturing $365 million senior secured notes due 16 May 2018. If the exchange offer is completed as outlined, it will constitute a distressed exchange, which is an event of default under Moody's definition of default," says Annalisa DiChiara, Moody's Vice President and Senior Credit Officer.

Upon the successful completion of the proposed transaction as outlined such that the 2018 notes are fully repaid, BHIT's CFR will likely be upgraded to B3, reflecting its improved debt maturity profile and expected interest coverage -- based on dividends from operating subsidiaries - of at least 1.0x. The rating on the 2018 notes would also be withdrawn.

The (P)Caa1 rating on the proposed senior secured notes reflects the complex organizational and legal structure existent, and thus factors in structural subordination, similar to the existing 2018 notes. As a holding company, BHIT is entirely reliant on dividends.

The claims of BHIT's creditors on the assets and cash flows of BHIT's operating units are subordinate to those of the direct creditors of the operating units, as the majority of the group's debt is incurred at the operating unit level with dividends up-streamed from key operating assets to service its obligations.

According to the company's announcement, holders of the 2018 notes will be eligible to receive an exchange consideration of $880 in principal amount of new notes and $120 of cash for each $1,000 in principal amount of the 2018 notes.

A shareholder loan of $30 million and BHIT's existing cash and sale of marketable securities will provide funds necessary for the cash portion of the exchange offer and the redemption of the holdings of non-participating bondholders. The shareholder loan is expected to convert into equity upon satisfaction of certain conditions, including the successful completion of the exchange offer. The shareholder loan will be non-interest bearing and will remain deeply subordinated until conversion.

Prior to the commencement of the exchange offer, in a separately privately negotiated transaction, BHIT and the holder of an aggregate $115 million of the existing 2018 senior secured notes agreed to convert initially into subordinated debt of the company, which will remain deeply subordinated and be non-interest bearing.

This debt will be subsequently converted into the capital stock of BHIT, upon satisfaction of certain conditions, including the successful completion of the exchange offer for the remaining balance of the existing 2018 senior secured notes.

Under the terms, BHIT will issue new shares to the converting holder on or before 30 September 2018.

"Although, the proposed exchange will ultimately reduce debt levels and extend the debt maturity profile to 2021 at the holding company level, its liquidity position will remain fragile, reflecting its reliance on dividends from subsidiaries -- primarily MNCN - to satisfy its cash obligations, including interest expenses on the proposed notes and operating costs," adds DiChiara, also Moody's lead analyst for BHIT.

MNCN is Indonesia's leading free-to-air broadcast company and contributes around 52% and 75% of the BHIT's consolidated revenues and EBITDA, respectively, providing an anchor for BHIT's credit profile. It is also the primary source of dividend income for BHIT.

BHIT's organizational structure is complex with its holdings in the operating companies in the media sector held through an intermediary holding company -- BMTR -- which is 52.85% owned. BMTR's 62.84% stake in MNCN means BHIT's economic interest in MNCN is only around 33%.

Although Moody's financial analysis of BHIT considers its consolidated financial position, we also analyze BHIT as a holding company and its ability to utilize dividend income to service its debt obligations. Based on this analysis and our assumptions for dividend receipts from MNCN, we forecast dividend/interest cover of approximately 1.0x

At the same time, BHIT's credit profile continues to reflect the credit quality and risk factors associated with its other strategic assets and portfolio investments outside of the core media business, including Indonesian financial services, energy and real estate sectors.

In our view, the non-media-related businesses, separately and collectively, have weaker market positions, lower margins and higher associated cash flow volatility, which translate into higher business and financial risks for BHIT.

The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

BHIT is a listed investment holding company in Indonesia with core holdings in operating companies primarily in the Indonesian media and financial services sectors. The company also holds other strategic subsidiary and portfolio investments in the Indonesian property development and mining sectors.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

The first name below is the lead rating analyst for this Credit Rating and the last name below is the person primarily responsible for approving this Credit Rating.

Annalisa Di Chiara
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Laura Acres
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​

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