Bakrie Group, PT Bakrie&Brothers Tbk and Long Haul Holding, is finalizing a US$500 million of new loan facility from Glencore International, the world largest commodities trading house.
According to sources familiar with the deal, as quoted by Bisnis Indonesia, Bakrie Group will utilize the loan facility to settle some of its debt worth US$1.3 billion from a number of creditors arranged by Credit Suisse.
"The facility will be used by Bakrie and Long Haul to settle some debt by end of October. The remaining will be refinanced," the sources said.
Disclosure: No position at the stock mentioned above.
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