JAKARTA (RambuEnergy.com) – PT Astrindo Nusantara Infrastruktur Tbk (IDX:BIPI) said it has secured US$235 million loan from foreign creditors led by Barossa Assets Ltd and Goldman Sachs Asia Strategic Pte. Ltd, which will be used to refinance the loan facilities it received earlier from Credit Suisse at Nixon Investments Pte Ltd (“Nixon”).
Astrindo, previously known as Benakat Petroleum, said 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.
Despite the restructuring, the company was current on the loans for the entire 2018, which reinforced the new Lenders confidence in Astrindo. These actions are part of the Company’s efforts in cleaning up its balance sheet and improving its financial liquidity.
“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,” Ray Anthony Gerungan, Astrindo’s President Director said in a statement.
Michael Wong, Astrindo’s Finance Director, added: “one of the Company’s focuses isto 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.
Astrindo Nusantara 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.
On Wednesday (Feb. 20), BIPI shares closed at Rp50 per share.
At 11.45 a.m (Feb. 21), BIPI shares was trading at 51 per share or up 2% from previous day’s close.
Written by Staff Writer
Edited by Roffie Kurniawan