Bormindo signs $43m loan with Standard Chartered
Tuesday, November 18 2014 - 12:53 AM WIB
Oil and gas service firm PT Bormindo Nusantara has signed a credit facility agreement worth US$43 million with Standard Chartered, Standard Chartered Bank Dubai Inernational Financial Center Branch and Standard Chartered Bank Jakarta Branch.
This was said by IDX-listed PT Ancora Indonesia Resources Tbk, which owns 60 percent of the firm, in a statement filed with the Indonesian Stock Exchange on Monday.
The credit facility will be used to refinance Bormindo?s debt worth $27 million to PT Bank Mandiri (Persero) and PT Bank Syariah Mandiri. As much as $6 million will be used as working capital, and $10 million as bank guarantee facility.
Bormindo is specialized in providing supportive services in the oil and gas industry, including rig construction and services.
Editing by Johannes Simbolon