Coal contractor seeks $160 million loan

Astra International Tbk's mine contracting unit is seeking a US$160 million unsecured loan to refinance higher cost debt, bankers involved in the deal said as quoted by agency

Pamapersada Nusantara may hire Citigroup Inc., DBS Group Holdings Ltd., Standard Chartered Plc and Sumitomo Mitsui Banking Corp. to arrange the three-year loan, the bankers said. The official mandate hasn't been signed yet, they said.

Pamapersada's new loan will be divided into an $80 million revolving credit and an $80 million term loan, the bankers said. A term loan is where the funds cannot be re-borrowed once they have been paid back, unlike a revolving credit.

Pamapersada is the country?s top coal mining contractor. (*)