JAKARTA: Integrated upstream oil and gas service provider PT Elnusa Tbk will pledge its assets to obtain bank syndicated loans in order to settle its maturing debts.
Based on its September's financial report, the ELSA-coded company's short-term liabilities were recorded at IDR1.49 trillion while long-term liabilities were at IDR708.26 billion.
The bank syndicated loan facility is still under process, said Corporate Secretary Heru Samodra. He refused to detail out the total maturing debts up to next year and the total syndicated loans it seeks for.
The company will conduct an extraordinary meeting of shareholders on December 15 to ask for their approval for the assets pledge, said President Director Elia Massa.
Syndicated loans
Based on its financial report on July 16, 2008, the company obtained syndicated loans from PT Bank Central Asia Tbk (BCA) who ran as arranger, PT Bank Chinatrust Indonesia, PT Bank International Indonesia Tbk, PT Bank Mizuho Indonesia and PT Bank Rabobank International Indonesia in three tranches.
The A tranches is made at maximum US$27.5 million, the B tranche at maximum US$22.5 million and C tranche at maximum US$45 million. The loan facility is guaranteed with land worth IDR478 billion and fiduciary over machinery and equipmens worth US$125 million.
Up to September, ELSA's net income rocketed 310.81% to IDR47.49 billion from IDR11.56 billion atthe same period last year. Revenues rose 7.21% to IDR3.42 trillion from IDR3.19 trillion.
Upstream service business was the biggest contributor with IDR1.68 trillion as much as 49% of its total revenues. (T05/NOM)
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