Bayan secures $185m loan
Monday, June 6 2011 - 07:51 PM WIB
IDX-listed coal mining firm PT Bayan Resources TBk announced on Monday that it has secured a US$185 million bridging loan facility from PT ANZ Panin Bank and Standard Chartered Bank Singapore Branch on May 31, 2011.
The company said that the loan will be used to acquire nine coal concessions in East Kalimantan which included PT Apira Utama, PT Bara Sejati, PT Cahaya Alam, PT Tiwa Abadi, PT Dermaga Energi, PT Orkida Makmur, PT Silau Kencana , PT Sumber Api and PT Tanur Jaya.
The loan, which carries an interest rate of LIBOR plus margin.
The facility bears interest rate of LIBOR plus certain margin and secured by Bayan and subsidiaries. Bayan Group has to maintain at least 35% ownership in Bayan during the period of the facility.(romel)