PGN settles debts worth $246.5 million ahead of schedule
Friday, March 11 2011 - 02:53 AM WIB
State owned gas distributor PT Perusahaan Gas Negara (PGN) has settled all its debts worth US$246.5 million to a syndication of local and foreign banks led by Standard Chartered Bank ahead of their original maturity period.
The company said that the repayment of the debts, which are due in December 2012, was made on March 9.
The amount comprised $244.44 million in principal payment and another $2.09 in interest payment for the period of between December 2010 and March 2011.
PGN and SCB sisgned the Syndication Loan Agreement (SLA) amounting $ 275 million in November, 2009 with an interest rate of 3.1% a year above the three-month LIBOR. The loan will mature in three years.
PGN used the loan for the redemption of the Euro bonds worth $275 million. The redemption was completed in Dec. 24, 2009. (godang/giok)