Elnusa to raise $95 million in syndicated loan

IDX-listed services company PT Elnusa Tbk plans to raise syndicated loan amounting to about US$95 million from a consortium of five local and foreign banks to strengthen its working capital, Bisnis Indonesia reported on Wednesday.

The consortium comprises of Bank Central Asia (BCA), Bank Internasional Indonesia (BII), Rabobank International, Chinatrust Bank and Mizuho Bank.

BCA acts as the lead arranger of the syndicated loan, which is expected to be signed today (Wednesday).

BCA director for corporation Dhalia Ariotedjo said that BCA would provide about $38.9 million or about 41 percent of the syndicated loan. ?BII will provide 18 percent of the total, Rabobank 16 percent, Chinatrust Bank 15 percent and Mizuho Bank about 9.26 percent,? Dhalia added.

PT Elnusa which provides drilling services for the country?s oil and gas producers floated its shares on the Indonesian Stock Market early this year.

Elnusa plans to spend $120 million in capital expenditure this year and has secured orders of $114 million from customers as per April 2008. The projects came from Total EP, PetroChina, Medco, Chevron and BoB Bumi Siak Pusako. (*)