Release: EMP is confident to refinance its outstanding loans
Thursday, July 3 2008 - 01:01 AM WIB
(Jakarta, July 2, 2008)--Indonesian listed oil and gas company, PT Energi Mega Persada Tbk (EMP) would like to clarity the rumor in the Equity Market that EMP plans a Rights Issue transaction to obtain fund to refinance the outstanding loans. With this Press Release, EMP clarifies that the company is not seeking to repay its outstanding US$ 120,000,000 end US$ 152,750,000 loans arranged by Merrill Lynch and Credit Suisse respectively through Right Issuance.
EMP will most likely obtain the fund from the debt market to refinance the outstanding loans in its effort to capitalize on Its relatively low Gearing (Debt to Equity) position at this moment Some elements currently being considered by the company include trying to obtain the most efficient borrowing cost possible and obtaining favorable terms and conditions for the shareholders? interests
The progress of the loans refinancing deal will be updated accordingly. (end of release)