Apexindo's debt maturity extended

JAKARTA: PT Apexindo Pratama Duta Tbk, Indonesias largest national onshore and offshore drilling contractor, has extended a maturity date for its IDR200 billion loan payment to PT Bank Muamalat Indonesia Tbk and PT Bank Bukopin Tbk.Stated in 2010s financial
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News Editor - Bisnis.com 05 Juli 2011  |  06:05 WIB

JAKARTA: PT Apexindo Pratama Duta Tbk, Indonesias largest national onshore and offshore drilling contractor, has extended a maturity date for its IDR200 billion loan payment to PT Bank Muamalat Indonesia Tbk and PT Bank Bukopin Tbk.Stated in 2010s financial statement of PT Mitra International Resources Tbk, that was initially named PT Mitra Rajasa, Apexindo had pocketed an approval from Bank Muamalat in March 23 to extend the loan maturity to next 3 months from the initial schedule on March 11 with similar terms and conditions.In addition, Apexindo, a subsidiary of PT Mitra International Resources Tbk, on March 28 had also obtained an approval from Bank Bukopin for additional maturity date to 90 days from the initial schedule on March 11 with similar terms and conditions.However, the parent company of Apexindo has no information further on the postponement of debt payment.As Apexindos shareholders, we keep supervising the operational activities of the subsidiary. But, we have no authority for the decision on the postponement of debt payment.Initially, Apexindo secured the loan facilities from Bank Bukopin and Bank Muamalat on March 8 amounting to IDR100 billion each.The facilities are due in 12 months and bear 14% interest rate per year, while the withdrawal of the loans are guaranteed with mortgage right over Rig Raisis and fiduciary over Rig Raisiss receivables.US$75 million loan facilityIn the meantime, Apexindo on March 4 has been injected with US$75 million loan by Singapore-based Raiffeisen Bank International AG. The loan facility includes 8% margin for the first 6 months and 10% for next 6 months plus expenses that should be paid for each month.The loan principal will be ended for next a year after withdrawing the loan.In addition, Apexindo should maintain financial limits, namely loan ratio against EBITDA (income before interest, tax, depreciation, and amortization) that shouldnt be higher a level of 3.5:1 and ratio of EBITDA against interest expenses that shouldnt be less than 3:1.An analyst of PT Indo Premier Securities Ikhsan Binarto viewed the liquidity of Apexindo is in good shape. However, the financial condition of Mitra Resources that continues to suffer losses due to loan interest, has contributed to drag down further Apexindos liquidity.Mitra Resources suffered capital deficiency by IDR3.77 trillion last year, or a 114.20% higher from the previous years capital deficiency by IDR1.76 trillion as an impact of net losses booked.The miner had suffered lower net loss by 25.44% to IDR2.11 trillion from IDR2.83 trillion, while its revenue also fell by 17.34% to IDR2.24 trillion from IDR2.71 trillion.Previously, Mitra Resources took over 48.72% of Apexindos shares from Panigoro Family on June 9, 2008 amounting to US$340.89 million or IDR2,450 per share.Yesterday, Mitra Resources' shares were closed stagnant at level of IDR160 with market capitalization by IDR633.83 billion.(T01/NOM)

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Editor : Muhammad Fariz Aulia

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