Medco gets 5-yr, US$150 mln loan to refinance debt, fund operations

JAKARTA: PT Medco Energi Internasional Tbk obtained a five-year, US$150 million loan facility to refinance maturing debts, fund working capital and other operational costs, said Finance Director Syamsurizal Munaf.The loan facility will be used as needed, especially to complete a loan that will mature in 2012, Syamsurizal said in a filing to Indonesia Stock Exchange yesterday.The loan agreement was signed yesterday with PT Bank Negara Indonesia Tbk.In another development, PT Radiant Utama Interisco Tbk bought a mobile offshore production unit worth US$35 million from Maleo MOPU Producer Inc.Radiant Utama, represented by its affiliation PT Supraco Lines, has sealed the sale and purchase agreement, Corporate Secretary M.A. Coki Lubis told Bisnis. The transaction is expected to be realized on July 29.The transaction is projected to cut lease expenses that the company has been paying to Maleo, Coko said. MOPU has a high economic value, he added.MOPU's reasonable price in international market is around US$70 million, higher than companys acquisition price.The purchase of MOPU would boost the companys net profit to reach IDR5 billion in 2011 and IDR12 billion in 2012.Radiant Utama also sealed a loan agreement with Bank DBS Indonesia and Enterprise Fund Ltd yesterday to finance the acquisition. The company uses MOPU as the collateral for the loans. (03) (t05/msw)

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