Bayan Resources signs debt restructuring agreement
Tuesday, December 22 2015 - 01:09 PM WIB
IDX-listed coal mining firm PT Bayan Resources Tbk on Tuesday signed a debt restructuring agreement with creditors over loans worth US$950 million it obtained in 2012.
Bayan said in a statement that the debt restructuring agreement amends the terms of the loan facility it signed on April 10, 2012 with the creditors, a syndicate of several banks including Sumitomo Mitsui Banking Corporation, ANZ , Bank Mandiri, HSBC, Standard Chartered, JP Morgan and Natixis.
The original loan facility comprises of (i) term loan facility worth $400 million with maturity on April 20, 2017, (ii) working capital facility worth $150 million maturing on April 20, 2015 with an extension option for two years, (iii) capital expenditures facility worth $200 million maturing on April 20, 2017.
According to the debt restructuring agreement (amendment and restatement agreement), the type, size and maturity of the loan facility are revised into the following: (i) term loan facility worth $544.21 million, and (ii) working capital facility worth $34 million, both of which maturing on December 31, 2020, with extension option of one year.
Bayan said that the debt restructuring agreement and the extension of maturity period, allows the company to improve its current financial position and to obtain working capital for the issuance of surety instrument, which must be fulfilled by the company and its subsidiaries in relation to ensure the continuity of its activities.
Editing by Reiner Simanjuntak