Bayan signs loan agreement worth $950 million
Wednesday, April 11 2012 - 03:05 AM WIB
IDX-listed coal miner group PT Bayan Resources Tbk said that the company has signed agreement on loan facility worth US$950 million with a syndicate of several banks namely Sumitomo Mitsui Banking Corporation, ANZ , Bank Mandiri, HSBC, Standard Chartered, JP Morgan and Natixis.
The agreement was signed on April 10.
Bayan Resources said that the fund would be used to pay off its debt worth $300 million and a bridging facility of $185 million. The remaining would be allocated to finance working capital for the daily operation and other planned expenditures of the company and its subsidiaries.
The company said that the loan facility consisted of the term loan facility of 5 year worth US$400 million, the working capital facility of $150 million with bullet payment in the third year that could be extended for two years and the capital expenditure facility valued $20 million with option to increase working capital facility and/or the capital expenditure facility with the option to increase facility in 15 months with overall total value not to exceed $950 million.
Editing by Adianto P. Simamora