Energi Mega to raise loan
Monday, July 21 2008 - 02:09 AM WIB
IDX-listed oil, gas firm PT Energi Mega Persada Tbk (EMP) expects to raise loan of up to US$120 million from foreign and local banks to repay its US$120 million debt to Merrill Lynch, Bisnis Indonesia reported on Monday.
EMP?s Vice President for Capital market, Herwin Hidayat, said in Jakarta last week that the banks would provide either syndicated or bilateral loans.
"We are looking for a loans at the best rate. One this is clear: We shall pay off our debt on time," he said.
He declines to mention the name of banks.
According to the source, the loan would came from Credit Suisse and ICIC Bank of India could be signed within the next few days.
EMP?s total debts reach $272.75 million, comprising about $120 million from Merrill Lynch and another $152.75 million from Credit Suisse.
EMP?s debts to Merrill Lynch would mature on July 27 while those to Credit Suisse would mature on August 15. (*)