Jakarta, 5 January 2016
On the 31st of December 2015, PT Energi Mega Persada Tbk. (“EMP” or “the Company”), through its subsidiaries, EMP Bentu Limited, has signed a US$60 million loan facility agreement with Intesa Sanpaolo SpA & the Britannic Strategies Limited. The loan facility has a five years tenor and interest rate of LIBOR + 6.8% p.a. EMP and PT Tunas Harapan Perkasa (EMP’s subsidiary) act as the Guarantors in this agreement.
The new loan facility is subject to a few conditions precedent to be completed. The loan facility will be used to settle the maturing US$53 million loan from the Pro Strategic which bears 20% interest rate per annum. Such loan refinancing would reduce EMP’s interest cost quite significantly.
“The loan refinancing can save interest cost of up to US$6.3 million in year 2016. This cost saving will have positive impact on EMP’s future financial results”, said the CEO of EMP, Mr. Imam Agustino in Jakarta.
Mr. Didit Ratam, EMP’s Director, added, “In the past 24 months, we have been able reduce our outstanding loan by over US$300 million. In addition, we have successfully refinanced a few loans with the new ones at lower rates. Consequently, EMP is expected to show better liquidity ratios going forward.”
|Creditor||Loan Size||Loan Size||Loan Size||Rate||Maturity/
|(Dec 2013)||(Dec 2014)||(Sep 2015)|
Short Term Loans
Pro Strategic Investor Ltd. *
|PST Finance Ltd.||$61,950,000||$67,150,715||$62,556,748||LIBOR + 20%||Dec-2015|
|Long Term Loans|
|Syndicated loan arranged by BAML
|$203,000,000||$152,490,730||$132,762,878||LIBOR + 6%||Sep-2016|
|Capex carry loan from Mitsubishi & Japex (Kangean project)||$339,984,658||$193,148,794||$154,667,256||LIBOR + 4.25%||Jun-2017|
|Intesa Sanpaolo SpA & Britannic Strategies Limited *||$60 Mn||LIBOR +6.8%||Dec-2020|
* Intesa Sanpaolo SpA & Britannic Strategies Limited loan facility (LIBOR + 6.8%) is used to settle Pro Strategic loan (20%)
For any questions relating to this release, please contact Herwin W. Hidayat (Investor Relations) at +6221-2994 1500. Other related Company information can be found at www.energi-mp.com
Copyright © 2014. PT Energi Mega Persada Tbk.