Aug 16, 2010

Berlian Tanker pays US$75 mio loans

One of Indonesia's largest shipping company PT Berlian Laju Tanker Tbk (BLTA) has made early payments of its short term loans worth US$75 million to two foreign banks, Deutsche Bank and Standard Chartered Bank.
Berlian Tanker has paid both loan facilities in July, earlier than the loans maturity in August and September this year.
Loan from Deutsche Bank AG is a short term credit facility with maximum credit of US$50 million. This loan is due in August 2010. Interest rate is at certain fixed percentage.
Loan from Standard Chartered Bank is a short term credit facility with maximum credit of US$25 million. This loan is due in September 2010. Interest rate is at certain percentage above cost of
fund.
Following the early payments, Berlian's short term debt has steeply shrunk from US$106.31 million as of June to US$31.31 million. Berlian Tanker recorded long term debt worth US$780.74 million, bonds worth US$146.58 million, and notes payable worth US$273.90 million. In total, Berlian's debt has reached US$1.23 billion. The company's equity was US$725.13 million and US$377.60 million current assets.

Disclosure: No position at the stock mentioned above.

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