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.
Disclosure: No position at the stock mentioned above.
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