JAKARTA (Yosefardi) – PT Borneo Lumbung Energy & Metal Tbk (BORN) plans to restructure the rest debt of US$500 million to Standard Chartered Bank, targets to complete by end this year.
The company will propose to change the maturity period of loans to 7-8 years from current 5 years. BORN obtained US$1 billion loan from Standard Chartered Bank in 2011 which carries interest rate of 5.65%. The loan was used to fund the acquisition of 23.8% stake in Bumi Plc.
For repaying loan to Standard Chartered Bank, BORN said it will get dividend payment of US$200 million from Bumi Plc.
BORN will also sell its asset, PT Asmin Koalindo Tuhup (AKT), after the definitive separation of Bumi Plc and Bakrie Group. BORN puts AKT as collateral for loan to Standard Chartered Bank.
BORN also plans to acquire 23.8% Bumi Plc shares from Ravenwood Pte Ltd at price of US$223 million. Ravenwood is affiliated with BORN as Samin Tan is the owner of BORN and Ravenwood.
At 9.37 am Jakarta time, BORN gained 2.08% to Rp245.