GEMS provides additional loans to BIB
Thursday, December 6 2012 - 02:25 PM WIB
IDX-listed coal miner firm PT Golden Energy Mines Tbk (GEMS) has provided an additional loan with maturity extension to its affiliated company PT Borneo Indobara (BIB), which will use the loan as capital expenditure in developing coal business.
The company said in a press statement on Thursday that with the addition of Rp 30 million, BIB will get a total of US$80 million. BIB will use US$65 million of the total to finance its coal mine development and to build supportng infrastructure. The other US$15 million will be used as its working capital.
The loan will mature on November 30, 2013, with annual interest of 8 percent until November 30th of 2012, and 6 percent from December this year until its maturity on June 30th of 2013.
Golden Energy Mines indirectly owns 99.07 percent shares of BIB through its subsidiary PT Roundhill Capital Indonesia.
The additional loan and maturity extension was based on a credit agreement signed on December 3rd of 2012. Previously, GEMS had signed a credit agreement with BIB on September 15th of 2011, which was then amended on October 17th of 2011 and later on August 1st of 2012.
Editing by Benget Besalicto Tnb