May 23, 2011

UNSP seeks US$200 mio loan facility

Palm oil producer that is controlled by Bakrie family, PT Bakrie Sumatera Plantations Tbk (UNSP) is seeking a US$200 million loan facility from three commercial banks with some of the facilities will be used to refinance a US$160 million existing debt due in November.
The refinance strategy is aimed to narrow a ballooning Bakrie Plantations' debt to equity ratio after it completed acquisition of oleo chemical company Dombas Mas.  
"We have proposed a debt restructuring with principal remains but unpaid interest will be written-off," said Bakrie Plantations' President Director Ambono Januarianto said as quoted by Bisnis Indonesia daily today.

Disclosure: No position at the stock mentioned above.

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