Medco secures US$125m in loan from Bank Mandiri
Tuesday, March 20 2007 - 01:22 AM WIB
JSX-listed oil and gas company Medco Energi International has secured a loan of US$125 million from publicly listed Bank Mandiri, Bisnis Indonesia reported Tuesday.
Medco's president director Hilmi Panigoro said in Jakarta last week that the company signed an agreement with Bank Mandiri on a working capital facility worth US$125 million.
The loan facility is comprised of US$50 million that the company will receive in cash and another US$75 million in the form of illiquid loan, which the company can withdraw whenever it wants, for instance, for taking part in a tender.
The company allocated US$200 million for this year's operation expenditures, he said.
Meanwhile, Bank Mandiri's director Abdul Rahman said that the loan facility with one-year maturity was extendable when needed. "We have signed an agreement on the loan last week," he said. (*)