Indonesia-based telecommunications infrastructure provider Tower Bersama Infrastructure Tbk PT plans to issue notes worth $500 million to partly refinance its existing debts. The company will issue the notes through its wholly owned Singapore-based subsidiary, TBG Global Private Limited. The notes will have a maximum annual interest rate of 8 per cent and mature in 2018. Besides refinancing existing debts, the company also intends to utilise the proceeds from the issue to fund the company’s expansion plans. The company has obtained the approval from its shareholders to carry out the refinancing.