JAKARTA: PT Bakrie Sumatera Plantations Tbk, a palm and rubber plantation company with the fifth largest market capitalization in plantation sector at Indonesia Stock Exchange (IDX), is seeking a US$200 million bank loan for refinancing its bond.The company has US$185 million bond that will mature in November 2011. It will propose loan with same term and condition to several banks, Bakrie Plantations President Director Ambono Januarianto said.He expects such loan can be obtained in August or September 2011 so that the bond payment can be conducted on time.The loan plan should pocket an approval from shareholders extraordinary meeting that will be held on July.The bond principal value is US$185 million plus interest around US$9 million, he said after attending Bakrie Plantations shareholder meeting, Wednesday.Ambono explained that the company has an option to use bank loan to settle US$150 million bond next year, which was issued by its subsidiary. Bakrie Plantations can also issue other bond to settle it.There is subsidiarys bond worth US$150 million that mature next year.PT Indosurya Asset Management Managing Research Reza Priyambada said Bakrie Plantations also has other option, i.e. bond restructuring.The company will likely choose to conduct such measure than to seek other loan since company expenses will not be reduced if paying debt using such loan.Operating income of the UNSP-coded company reached IDR1.14 trillion in the first 3 months this year or 106.51% higher compared to same period last year at IDR552.87 billion.Meanwhile, net income reached IDR229.62 billion or increased by 256.49%. The company shares price was closed 3.37% higher to IDR460 per share in Wednesday. (t06/msw)

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