Aug 25, 2010

Apexindo bags US$60.1 million loans

Publicly listed oil and gas drilling operator PT Apexindo Pratama Duta Tbk has secured US$60.1 million from two financial institutions after sealing loan worth Rp325 billion.
In the financial report of Apexindo’s parent company namely PT Mitra International Resources Tbk (MIRA), mentioned that on 7 April Apexindo has secured loan worth US$45.10 million from Angsana Asset Management Ptd Ltd. The 36 month loan is providing interest rate 24% per annum.
On 21 April 2010, Apexindo bagged another loan worth US$15 million from PT Bank Rakyat Indonesia Tbk. The 24 month loan bears 7% annual interest rate.
Apexindo on 11 March 2010 has also obtained a working capital credit facilities amounting to Rp200 billion from PT Bank Bukopin Tbk and PT Bank Muamalat Indonesia Tbk.
The 12 month loan provides 14% interest per annum to Apexindo and paid monthly. The credit facility is pledged by the Rig Raisis and receivables on the Rig Raisis.
In June, Apexindo loans reached Rp125 billion from PT Danareksa (Persero). The 6 month loan that gives 15% interest per annum and is pledged by the rigs no. 4, 5, and 14 also a personal underwriter from Mr. Agung Salim as underwrites and receivables from the rigs.

Disclosure: No position at the stock mentioned above. 
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