Elnusa issues notes to raise $50m fresh fund
Monday, January 24 2011 - 01:04 AM WIB
Integrated supporting oil, gas firm PT Elnusa Tbk has signed fixed rate notes (FRN) (subscription agreement) worth US$ 50 million with Singapore-based firm Overseas-Chinese Banking Corporation Limited (OCBC Bank).
The FRN will be issued on January 27, 2011, which carries interest rate of 8.98 percent a year, will mature in five years, the company said in release statement on Monday.
Elnusa said that it needs fresh fund following a tender for geosciences, drilling and oilfield services from oil and gas firm with a combined value of $100.1 million.
The fresh fund from the issuance of FRN will be used for capital expenditure (90 percent) and operational expenditure (10 percent), it said. (denny)