JAKARTA (Yosefardi) – PT Bumiraya Investindo, subsidiary of food producer PT Tiga Pilar Sejahtera (TPS) Food Tbk (AISA), has obtained syndicated loan of US$125 million, used to fund the plantation area expansion.
The banks providing syndicated loan to Bumiraya are Rabobank, Bank Permata, Indonesia EXIM Bank, and RHB. The loan consist of term loan (US$100 million) and revolving loan (US$25 million).
Term loan facility has tenor of 5 years with 2 years extension and carries aanual interest rate of 6%. While revolving loan carries interest rate of 5.85% per year.
Bumiraya targets to develop its planted plantation area to 31,000 hectares by 2016. Planted crude palm oil (CPO) is targeted to reach 14,000 hectares within next 2 years.
Curently Bumiraya has 4 plantation fields in Kalimantan and 3 plantation fields in Sumatra with total area of 93,000 hectares, of which planted area covers 17,000 hectares or 18% of total area. The company only has one palm mill with capacity of 30 metric tons of fresh fruit bunches (FFB) per hour.
Media earlier reported AISA intends to launch the initial public offering (IPO) of Bumiraya, but now it opts to restructure Bumiraya by acquiring PT Golden Plantation.
Golden Plantation is slated to be holding company of Bumiraya and will launch IPO of 17% shares scheduled in December this year, targets to raise proceeds of Rp400-500 billion.