Apexindo secures $70m refinancing facility from Goldman Sachs

IDX-listed oil, gas and geothermal drilling contractor PT Apexindo Pratama Duta Tbk has secured a refinancing facility arranged by Goldman Sachs amounting to US$70 million to repay loan from the Natixis Banques Populaires (Natixis) consortium, according to a press statement from the company.

In early 2007, Apexindo obtained $125 million syndicated loan facilities from Natixis, which were utilized to construct a new offshore jack-up rig called Soehanah.

The press statement does not specify if the company has repaid all the debt. Bu, Kontan daily reported that before securing the loan facilities arranged by Goldman Sachs, Apexindo had paid $19.4 million of the debt using internal funds.

The firm will also use another $35.6 million in internal funds to repay all the debt.

"The funds are on our hand now. We are ready to repay all the debt," the newspaper quoted Apexindo's President Director Hetriono Kartowisastro as saying on Thursday.

Apexindo provides drilling service for both onshore and offshore operations. It now has seven onshore rigs and six offshore rigs which consist of four submersible swamp barge rigs caled Maera, Raisis, Raissa and Yani respectively; and two jack-up rigs Raniworo and Soehanah. (denny)