Oil and gas producer PT Medco Energi Internasional Tbk (MEDC), that is controlled by Panigoro family, has seized US$140 million from the state lender PT Bank Rakyat Indonesia Tbk (BRI).
The 5-year facility charges Medco with interest of 3 month Libor. "Medco will use the facility to support the refinancing program," said Medco Finance Director Syamsurizal Munaf in a press statement today.
Medco has financing strategy to obtain facilities with competitive interest. "The financing availability will ease Medco to fulfill the financing requirement and support working capital," he said.
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