Oct 21, 2010

Modern secures Rp280 billion loan

PT Modern Internasional Tbk (MDRN) has secured loan facility worth Rp280 billion from PT Bank CIMB Niaga Tbk. The facility will be used by the company to refinance and underpin expansion program of 7-Eleven outlet.
Modern Internasional Corporate Secretary Donny Sutanto as reported by local newspaper today said the company will utilize Rp230 billion of the facility for debt refinancing of subsidiaries.
"Interest average of the company existing loan is around 15% and Bank CIMB offers 12% annual interest," he said.

Disclosure: No position at the stock mentioned above.

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