Mar 4, 2011

Bakrie Group secures US$1.34 bio loan

Two Bakrie family owned vehicles dubbed PT Bakrie & Brothers Tbk (BNBR) and Long Haul Holdings Ltd secured loan facility of US$1.34 billion or equal with Rp11.77 trillion in March 2 from Credit Suisse AG, Singapore.
Based an information disclosure submitted to Indonesia Stock Exchange this afternoon, Bakrie & Brothers sealed US$601.75 million or Rp5.29 trillion from the loan facility while, the remaining will be taken by Long Haul.
“Most of the loan will be used to settle the existing liabilities of the company,” said Director and Corporate Secretary of Bakrie R.A Sri Dharmayanti in the information disclosure.
However, she did not mention in detail about the liabilities which going to be settled. The transaction of loan facility is  not an affiliated transaction.
At the same time, Bakrie & Brothers and Long Haul have transferred 5.19 billion or 25% of Bumi Resources shares to Vallar Plc.
Bakrie transferred 2.85 billion shares from custodian account in Credit Suisse to Vallar’s custodian account in J.P.Morgan.
Meanwhile, Long Haul crossed 2.34 billion of Bumi shares from custodian account in Credit Suisse to Vallar’s account in J.P. Morgan. Such crossing transaction was done when Bumi Resources stood at the level of Rp2,500 per share.

Disclosure: No position at the stock mentioned above.
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