JAKARTA: Indonesias shipping company, PT Berlian Laju Tanker Tbk has completed its US$615 million debt refinancing after securing US$685 bank loan from six lenders.Such debt was derived from several foreign creditors, said Berlian Laju Tanker Finance Director Kevin Wong.The loan had been disbursed in March and was used to refinance its debt as much as US$615 million, he said on Wednesday.The company whose code stock is BLTA has secured the US$685 million loan commitment from six banks in February.Those six banks include DnB NOR Bank ASA, Nordea Bank AB, Standard Chartered Plc, ING Groep NV, NIBC Bank NV and BNP Paribas SA. The loan has five years tenors and 42 units of Berlian Lajus vessels shall become the collateral.Around US$70 million of US$685 million will be utilized to add the fund being used to purchase one unit of gas and two units of Japan-made chemical carrier vessels.Those three vessels cost above US$100 million. The delivery will be realized on 1 March 2011, 1 May 2011 and in the third quarter of 2011. All of the vessels are foreign-flag vessels as it will be used overseas or in Asia, he explained.For the time being, the management still opens for any loan opportunities merely to further foster the company.The BLT-coded stock was closed at IDR365 on 1 June 2011 or unchanged compared to the trading in the previous day.Meanwhile, the wholly owned subsidiary of Berlian Laju Tanker, PT Buana Listya Tama Tbk shall bolster its revenue from floating production storage and offloading/FPSO in Brotojoyo this year.We shall optimize the utilization from FPSO Brotojoyo this year. We are optimistic that it will positively affect Buana Listya Tama in general, said Kevin who also serves as Buana Listya Tama Finance Director.Business performanceBuana Listya Tamas net profit is estimated to exceed US$34 million or IDR292.65 billion as per May 2011.Such financial accomplishment was backed by the solid performance in the first quarter of 2011 that is relatively better compared to last year.In January-March 2011, Buana Listya Tamas net income was IDR85.17 billion or soared by 118.77% compared to January until March 2010, amounting to IDR38.93 billion.Buana Listya Tama began to list its stock in Indonesia Stock Exchange last week. (t02/msw)

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