Adaro secures $380m loan for refinancing current credit facilty

By Ruli Setiawan

IDX-listed coal mining firm PT Adaro Energy Tbk said its wholly owned subsidiary PT Adaro Indonesia (AI) secured a US$380 million amortizing loan facility that will mature in May 2020.

Adaro received total commitments of $2.85 billion, 7.5x oversubscribed, from a group of 12 international banks, the company said in a statement Monday.

?The new facility will refinance our $500 million amortizing revolving credit facility obtained in 2009 in order to extend the debt maturity profile and strengthen our balance sheet,? the statement said.

The current outstanding balance of the 2009 facility is $380 million. Adaro Energy?s Director and Chief Financial Officer, David Tendian, commented, ?In this challenging commodity market, we are pleased with the strong level of interest and support from lenders and remain on track to deliver on our long-term strategies.?

Editing by Reiner Simanjuntak