Bayan Resouces secures $300 million of loans

IDX-listed coal mining group PT Bayan Resources has raised fresh loans of US$300 million from a syndication of foreign banks to finance expansion projects and repay old loans.

Chin Wai Fong, the company?s president director, said that the loans were provided by a syndication of international banks including ANZ Banking Group, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.

In a letter sent to the Indonesian Stock Exchange, Chin said that the loans consisted of lending facilities worth $150 million with a five-year maturity period and working capital loan worth $150 million with a two-year maturity period.

Chin said that a part of the loans would be used to repay old loans raised from the syndication and the other would be used to finance the company's expansion projects. (denny)