Oct 13, 2011

Bakrieland seeks Rp1 trio financing

Property developer PT Bakrieland Development Tbk (ELTY) is seeking a Rp500 billion-Rp1 trillion financing, a buffer facility to refinance debt and working capital.
The company will seek financing from both local and foreign banks. "We have not decided the size of bond and bank loan combination," said Bakrieland President Director Hiramsyah S. Thaib as quoted by Kontan daily today.
According to him, Bakrieland will use the facility to settle its debt next year. The company needs Rp500 billion for the purpose. 
Bakrieland is also considering to dispose its toll road unit PT Bakrie Toll with a proceed target of Rp2 trillion. 
Bakrie Toll is considering the IPO or private placement. "The share sale is estimated in the first half of 2012."

Disclosure: No position at the stock mentioned above.

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