Aug 13, 2010

Bakrie Telecom gets US$300 mio loan

Publicly listed CDMA-based telephone operator PT Bakrie Telecom Tbk (BTEL) has secured US$300  (in term of renminbi) million loan  from Industrial and Commercial Bank of China (ICBC)
Bakrie Telecom CEO Anindya Bakrie stated that the loan would be used for company's capital expenditure.
"The loan was functioned to expand the network so that costumers could enjoy a high quality voice service and Bakrie Telecom data with a affordable price."
The company claimed the agreement showed Chine interest toward Bakrie Group, after the company issued a loan for about US$$1.9 billion for affiliated coal company PT Bumi Resources Tbk (BUMI).
The company also sealed a funding source by bond issuance as much as US$250 million from their Singapore-based subsidiary Bakrie Telecom Pte. The 11.5% Guaranteed Senior Notes will expire in 2015. The notes were secured by Bakrie Telecom

Disclosure: No position at the stock mentioned above. 

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