JAKARTA (IFT) - PT Medco Energi Internasional Tbk (MEDC), an oil and gas company, recently obtained a US$ 140 million standby credit facility from PT Bank Rakyat Indonesia Tbk (BBRI). The company will use the loan for its capital expenditure and planned acquisitions.
Syamsurizal Munaf, Director of Finance at Medco Energi International, said that the loan facility has a five-year tenor, but he declined to reveal the loan interest and the terms and conditions. Syamsurizal also refused to reveal the companies targeted by Medco Energi International for acquisition.
Based on compiled data of the IFT Research Department, Medco Energi International allocated US$ 500 million for its 2011 capital expenditure (capex), 70 percent of which will be derived from external sources and 30 percent from its internal cash.
Medco Energi recently issued bonds worth US$ 50 million with a tenor of five years and an interest of 5.55-6.05 percent. The strategic action is part of the planned issuance of US$150 million worth of bonds in two years.
Sixty percent of the proceeds will be used to refinance debts maturing this year while 40 percent will be allocated for its capex, which will be spent for its oil recovery enhancement project at the Kaji-Senoga oil field, Rimau Block, South Sumatra.
On Monday's trading, Medco shares dropped Rp 100 to Rp 2,225 per share.
Aneka Tambang and Bayan Resources
PT Aneka Tambang Tbk (ANTM), a mineral mining company, also recently acquired a loan facility, totaling US$ 292.5 million from the Japan Bank for International Cooperation and the consortium of Mizuho Bank and Bank of Tokyo-Mitsubishi UFJ Ltd.
The company will use the loan for its chemical grade alumina (CGA) project at its Tayan mine in West Kalimantan.
PT Bayan Resources Tbk (BYAN), a publicly listed coal producer, obtained a US$ 185 million loan from a syndicate composed of PT ANZ Panin Bank and Standard Chartered Bank, Singapore.
The loan facility will be used to buy shares in PT Apira Utama, PT Bara Sejati, PT Cahaya Alam, PT Tiwa Abadi, PT Dermaga Energi, PT Orkida Makmur, PT Silau Kencana, PT Sumber Api and PT Tanur Jaya. The targeted companies operate in East Kalimantan and own either a mining concession or a mining business license. (*)
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