||Asean Affairs 5 June 2013
Adaro bags $380m loans to pay debts
Publicly listed coal miner PT Adaro Energy, through its wholly owned subsidiary PT Adaro Indonesia, signed a US$380 million loan agreement on May 29 that the latter will use to refinance its previous debts.
The parent company said that the loans will mature in seven years. Serving as mandated lead arrangers for the new facility are PT Bank ANZ Indonesia, CIMB Bank Bhd. Singapore Branch, Citigroup Global Market Singapore Pte. Ltd., Chinatrust Commercial Bank Co. Ltd., DBS Bank Ltd., Mizuho Corporate Bank Ltd., Oversea-Chinese Bank Corporation Ltd., Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, The Bank of Tokyo Mitsubishi UFJ Ltd. Jakarta branch, The Hongkong and Shanghai Banking Corporation Limited and United Overseas bank Limited.
"The fund will be used to refinance loans amounting to $500 million obtained on Oct. 2, 2009," the company said in an announcement sent to the bourse on Monday.
According to its financial report, Adaro used only $380 million of the $500 million loan facility, which matured on March 31 this year, to support its capital expenditure.
Shares in Adaro, traded under a code ADRO, were at Rp 880 at 3.28 p.m., declining by 5.38 percent from the previous day's closing.