Friday, August 19, 2011

Bakrie Sumatra Plantations Tbk - Refinancing Settle on September

PT Bakrie Sumatra Plantations Tbk (UNSP) targeting the refinancing of debt worth U.S. $ 210 million completed in September. The origins of the debt are bonds worth U.S. $ 185 million due on 1 November 2011 plus the debt of subsidiaries whose value is around U.S. $ 20 million-US $ 25 million.

Harry M. Nadir, Director of Finance UNSP explained, the plantation companies that obtain a commitment from clubdeal consisting of more than three banks. One of them was Credit Suisse and local banks. Target loan up to U.S. $ 250 million.

The new five-year loan tenure is flowering around 8% -10% per year or lower than corporate bond interest is 10.75% per year burden. "Difference in 1% -2% aja is tolerable. Could save about U.S. $ 4 million, "said Harry. Refinancing makes cash flow more loosely and UNSP regardless of pressure because there is an extension of maturity.

The loan will be disbursed after the company received shareholder approval. Record, UNSP has twice held the AGM but not required quorum. UNSP want to pledge assets to the creditors of his new garden.

Later, at U.S. $ 20-US $ 25 million of the loan will be used to develop the oleo-chemical plant. "The total capex for oleo-chemicals about U.S. $ 60 million and has already been spent around U.S. $ 10 million," said Harry.

The plan, in 2012 UNSP will build power plants for oleo-chemical plant, replacing diesel generators. The goal is to cut energy costs by up to 40%. Power plant construction will require funding of around U $ 15-US $ 20 million.

In addition, UNSP want to add another production line. The agenda is targeted to be completed by 2012. "After all finished our revenue could triple from today," said Harry.

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