Nov 10, 2010

APEX pays Rp40 bio debt to Danareksa

Drilling company PT Apexindo Pratama Duta Tbk (APEX) has paid one third or Rp40.89 billion of its debt to the state-owned financial company PT Danareksa (Persero) during the last 3 months ended September 30 2010.
In the financial statement of Apexindo submitted to Indonesia Stock Exchange (IDX), Apexindo booked US$9.45 million or Rp84.11 billion loan facility obtained from Danareksa on June 17 2010.
Apexindo initially secured a total of Rp125 billion loan facility from Danareksa on June 17 2010.
The 6 month facility bears payable monthly interest rate of 15% per annum. The Draw downs of the facility were secured by the mortgage of Rig No.4, 5, and 14 and personal guarantee from Agung Salim and fiduciary transfer of receivables for such rights.
Based on the loan facility, Apexindo is required to maintain several covenants such as the ratio of debt to equitu shall not outstripped 2:1, the ratio of current assets to current liabilities shall not less than 1.25:1, and the ratio of EBITDA to financing charges shall not less than 2.5:1.  

Disclosure: No position at the stock mentioned above. 
 
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