Sep 1, 2010

Calipso secures US$150 million loan

Calipso Investment Pte Ltd (Calipso), subsidiary of PT Bumi Resources Tbk (BUMI), has secured US$150 million loan facility from Bright Ventures Pte Ltd.
In BUMI's first half financial statement submitted to Indonesia Stock Exchange (IDX), Calipso and Bright entered into credit agreement on May 26 2010 at interest rate of 10% per annum.
The loan, with with maturity date being the earlier of 36 months after the date of the agreement or 5 business days after IPO of PT Bumi Resources Minerals, a subsidiary, will be used for working capital requirements. The amortized cost of this loan as of June 30, 2010 amounted to US$148.8 million.
Bumi Resources reported a 30.01% drop in its net profit in the first half of 2010 as a result of ballooning interest and financial charges by 437.90. But, the company remained positive in revenue growth. Bumi booked US$134.58 million net profit in 1H 2010 from US$192.29 million a year earlier.
Disclosure: No position at the stock mentioned above.  

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