Arpeni to get $60m loan

Indonesia-listed shipping company PT Arpeni Pratama Ocean Line Tbk said on Friday that it has signed a term sheet agreement with an investor to get US$60 million loan.

The company said in statement that the disbursement of the loan is pending the completion of due diligence by the investor, which is expected to take eight weeks.

?If the due diligence is completed and satisfies the investor then it will invest $60 million in the form of interest-bearing secured convertible bond, which can be converted to Arpeni?s share,? it said.

The loan has a maturity period of 5 years, Arpeni said, without divulging the identity of the investor.

Arpeni is Indonesia? top coal transporter, operating 76 vessels, including 9 Panamax, 1 Capesize vessels and 22 barges, 27 tug boats and 10 floating cranes.

The company is expected to increase coal shipment for next year to 16.5 million tons from this year?s target of 14 million tons. (denny)