Benakat obtains $580m loan from ICICI Bank
Saturday, May 24 2014 - 05:39 AM WIB
IDX-listed integrated energy company PT Benakat Integra Tbk through its mining infrastructure subsidiary PT Nusantara Tambangraya Pratama (NTP) has obtained US$580 million loan from ICICI Bank, Investor Daily reported Saturday.
The paper quoted Finance Director of Benakat Michael Wong as saying that much of the loan, about $556.8 million, would be used to repay debts of Benakat and two mining infrastructure subsidiaries NTP and PT Nusantara Pratama Indah.
The remainder will be used upfront fee payment and other administration expenses.
Benakat is engaged among others in oil and gas exploration and coal mining. Michael said that the refinancing loan facility will be used to repay debts to Credit Suisses AG Singapore, and ICICI Bank-led syndication. (*)