Mar 28, 2011

Indika secures US$65 mio loan

EPC contractor and coal mining company PT Indika Energy Tbk (INDY) has secured up to US$65 million of 1-year loan facility from UBS AG, Singapore Branch.
Indika Energy Corporate Secretary Dedy Happy Hardi said the facility, which will mature on April 29 2012, will be used by Indika to support its business activities. Indika signed the facility agreement with UBS on March 23 2011. 
Indika, which is controlled by Agus Lasmono Sudwikatmono, has also obtained an approval from 87.52% of its subsidiary's bond holders to change identure.
Indika's subsidiary dubbed Indo Integrated Energy B.V. issued US$250 million bonds with annual interest rate of 8.50%. The bond, which matures in 2012, will be refinanced by Indika using a proposed US$300 million bonds to be issued in April this year.
Indika has appointed four managers to handle the issuance, namely Citi, Goldman Sachs, Standard Chartered Bank, and UBS Securities.
Disclosure: No position at the stock mentioned above.

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