Petrosea secures $140 million in affiliated loan

IDX-listed firm PT Petrosea Tbk, a wholly-owned firm of IDX-listed energy firm PT Indika Energy, has secured US$140 million in affiliated loans to finance new heavy equipment in order to support its mining contract and development of its offshore supply base.

The loan was part of the US$230 million received by Westlake Resources Holdings Limited, subsidiary of PT Indika Energy from Indo Integrated Energy II, which is also 100 percent controlled by Indika through PT Indika Inti Corporindo, the company said in statement on Thursday.

Indo Integrated issued $230 million of senior notes in early November, last year. The notes which carry interest rate of 9.75 percent a year will mature in 2016. (denny)