Rig Tenders signs loan agreement with BAL
Monday, August 6 2012 - 12:06 PM WIB
IDX-listed Shipping firm PT Rig Tenders has signed a loan agreement worth US$25 million with PT Batuah Abadi Lines (BAL) with interest is at the same level with that of the three-month time deposit of Standard Chartered Bank in Jakarta.
The signing was conducted on August 2, 2012, and it was regarded as an affiliated transaction as Grundtvig is wholly-owned subsidiary of PT Rig Tenders, while Grundtvig itself owns 95 percent shares of PT BAL, said the company in a press statement on Monday.
It stated that the company would repay the loan to PT BAL by December 31, 2014 at the latest and interest payments would be made in every three months since the first withdrawal of the loan.
According to the press statement, the interest is far lower than that currently applied in the local money market. The company will use the loan to repay its debt made previously to finance its acquisition.
Editing by Benget Besalicto Tnb.