Surya Esa unit partnered with IFC

By Demas Simbolon

PT Surya Esa Perkasa, Indonesia?s only listed LPG refiner, announced that its 59.98 percent PT Panca Amara Utama has signed a Mandate Letter with the International Finance Corporation (IFC), the World Bank?s private sector arm.

Under the Letter, the IFC has proposed to arrange US$500 million debt financing for Panca?s $750 million ammonia plant in Central Sulawesi, a media statement said.

The terms show that the IFC will consider providing up to $100 million under its own loan account, mobilize $400 million from parallel lenders on a syndicated basis, and provide equity of up to $25 million.

IFC?s commitment to arrange financing and equity shall be subject to a satisfactory technical, financial, environmental, social and legal appraisal, in addition to obtaining credit and board approvals.

Editing by Dadan Wijaksana