Elnusa secures $113m loan
Monday, December 19 2011 - 09:32 AM WIB
IDX-listed upstream oil and gas services provider PT Elnusa has signed an agreement on US$113 million worth of syndicated loan, which is mostly to be used to finance its debt restructuring.
The loan facility was signed with Bank Central Asia, Indonesia Eximbank, Bank Chinatrust Indonesia, Bank Mizuho Indonesia and Bank of China.
The loan is divided into four tranches; tranche A of $27.5 million will be used to pay off previous working capital facility, tranche B of $26.5 million to pay off previous investment credit facility, tranche C of $50 million to buy back bonds issued by the company in early 2011, and tranche D of $9 million for new capital expenditure.
?This refinancing process is a milestone for us in entering the year 2012 as a part of our funding strategy in supporting the company?s future growth strategy,? said VP Corporate Secretary Heru Samodra. (romel)