Atlas Resources secures $95m from three national banks
Friday, October 28 2011 - 10:49 AM WIB
The tenor for the loan is 3-5 years.
Wholesale banking director of Bank Permata, Roy A. Arfandy said that Bank Permata will provide part of the loan worth $45 million, and the remaining $30 million and $20 million will be given by DBS and Danamon, respectively.
Atlas Resources? corporate secretary and director, Aulia Setiadi said that the loan will be used for working capital and capital expenditure to boost its coal output, but he did not give the breakdown figures.
At present, Atlas operates five mining hubs; Berau, West Kutai, Oku (Ogan Komering Ulu), Muba (Musi Banyuasin), and Papua. In total, Atlas has 14 coal mines in East Kalimantan, South Sumatra and Papua.
The company has planned to increase installed capacity from all the regions up to 5.1 million tonnes by 2013, and will then increase it further to 9.25 million tonnes per year within two years after then. At present, the company's production from all hubs has reached some 2.5 million tonnes.
The company plans to float its share in Indonesia stock exchange next month. It plans to sell 783 million shares, or about 25 percent of its equity. The shares will be offered at Rp 1,500 to Rp 1,900 per share to generate Rp 1.17 trillion to Rp 1.49 trillion of fresh funds. (giok)