EMP completes $450m refinancing facility

IDX-listed oil and gas company, PT Energi Mega Persada (EMP) reported Tuesday that its 100% owned subsidiary, EMP Holdings Singapore Pte. Ltd had completed a financial closing on a refinancing facility of US$ 450 millions arranged by Credit Suisse, Singapore Branch on September 12, 2008.

The fund from the new facility has been used to settle debts and to finance the development and exploration activities of the existing assets and working capital requirements of the existing assets.

?The company believes that the fund derived from the new loan is sufficient to retire its maturing obligations and to speed up the commercial production from most of its assets. With the new loan, EMP slightly increased its Net DER to 88% (from 69% in the 1H 2008) which is still relatively low end manageable by the company,? it said. (denny)