Aug 15, 2010

Apexindo secures Rp125 bio financing

Drilling operator PT Apexindo Pratama Duta Tbk (APEX), wholly owned subsidiary of PT Mitra International Tbk (MIRA), has secured a financing facility worth Rp125 billion from a state-owned financial firm PT Danareksa (Persero). Apexindo has used the financing facility to meet its working capital.
In Apexindo's financial report, the company has revealed that the financing facility has charged an annual interest rate of 15% and will mature in 6 months. Apexindo has pledged three rigs to secure the financing facility.
Corporate Finance Apexindo Mahardika P. Hadikusumo confirmed that the company has secured the financing facility from Danareksa.
"The facility has been obtained in June and the company has used the facility for working capital," he said.
Based on the financing agreement, Apexindo is obliged to maintain loan to equity ratio at a maximum 2:1, a minimum current asset to current liabilities ratio at 1.25:1, and a minimum EBITDA to interest ratio ay 2.5:1.
Danareksa Corporate Secretary Bondan Pristiwandana confirmed that the company has provided financing facility worth IDR125 billion to Apexindo.
Out of the total facility, Apexindo had paid Rp25 billion to Danareksa. Hence, the facility is now about Rp100 billion.

Disclosure: No position at the stock mentioned above.

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