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Press release
Mar 26, 2019 05:00 JST
Source:
PT Astrindo Nusantara Infrastruktur Tbk
Astrindo Nusantara Infrastruktur ("BIPI") Refinances Credit Suisse Loan
JAKARTA, Mar 26, 2019 - (ACN Newswire) - PT Astrindo Nusantara Infrastruktur Tbk ("BIPI") succeeded in raising US$235 million from foreign creditors led by Barossa Assets Ltd. and Goldman Sachs Asia Strategic Pte. Ltd. to refinance the Credit Suisse loan facilities at Nixon Investments Pte Ltd ("Nixon"), at the end of 2018.
The success of the funding indicates a high level of investor confidence in the Company's financial performance and cash flows derived from providing the most consistent coal transportation logistics in the integrated energy infrastructure industry.
The funds have been used to fully repay the Company's subsidiary loans at Nixon Investment Pte. Ltd. that were initially raised from Credit Suisse AG Singapore in 2012 and restructured in 2014.
Although the loans had been in default, the Company was current in payments for the entirety of 2018, which facilitated the refinancing process. These actions are part of the Company's efforts in cleaning up its balance sheet and improving its financial liquidity.
According to Ray Anthony Gerungan, Astrindo's President Director, "The refinancing allows Astrindo to now focus on growth opportunities and building upon our very strong cash flows. Our goal is to build more assets and substantially increase the level of our earnings, which have been under restricted due to the terms and conditions of our loans."
In line with the President Director, Michael Wong, Astrindo's Finance Director, said that, "One of the Company's focuses is to increase Company's equity value by refinancing the Company's debts. It is expected that by the new loan will save $7-10 million per year purely from interest."
The success of this refinancing is part of the Company's commitment to continue to optimize all its potential, and to achieve greater performance, in line with the Company's efforts to focus on the energy infrastructure business.
PT Astrindo Nusantara Infrastruktur Tbk ("BIPI") is an investment company that focuses on integrated energy infrastructure that owns and operates mining infrastructure through its subsidiary PT Astrindo Mahakarya Indonesia and Mega Abadi Jayatama PT, which include assets in the form of coal ports, crushers, overland conveyors (OLC).
PT Astrindo Mahakarya Indonesia through its subsidiary PT Mitratama Perkasa and PT Nusa Tambang Pratama have long-term contracts with the largest coal producers in Indonesia, namely PT Kaltim Prima Coal and PT Arutmin Indonesia, while PT Mega Abadi Jayatama partnered with Italthai which is a leading company in Thailand, to operate PT Putra Hulu Lematang.
For further information please contact:
Corporate Secretary
PT Astrindo Nusantara Infrastruktur Tbk
Email:
corsec@astrindonusantara.com
URL: www.astrindonusantara.com
or
PowerPR
Christovita Wiloto & Partners
Email:
powerpr@wiloto.com
URL: www.powerpr.co.id
PowerPR | Christovita Wiloto & Partners is an Indonesian integrated communications and investment strategy consulting company.
Source: PT Astrindo Nusantara Infrastruktur Tbk
Sectors: Metals & Mining, Energy, Alternatives, Construct, Engineering
Copyright ©2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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