Jan 16, 2012

Bakrie, Long Haul seal US$437 mio loan

PT Bakrie & Brothers Tbk dan Long Haul Holdings Ltd, two companies that is controlled by Bakrie family, has secured a US$437 million facility from Credit Suisse AG, Singapore.
In an official statement filed to Indonesia Stock Exchange tonight, Bakrie and Long Haul signed the loan agreement on January 12 2012. However, Bakrie management hasn't explained the usage the loan facity.
Director Bakrie R.A. Sri Dharmayanti said Bakrie & Brothers will use US$193.97 million of the total facility. The facility will be used by Bakrie Group to refinance a US$1.34 billion loan facility previously secured from Credit Suisse.

Disclosure: No position at the stock mentioned above. 

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