PT Bakrie & Brothers Tbk just got bridging loan of IDR871 billion from Odickson Finance in two months tenor. The company will use the money to finance rights issue of PT Bakrie Sumatera Plantations Tbk.
Bakrie & Brothers's Finance Director Yuanita Rohali said they agree with the interest rate of 8% per annum.
"We have signed credit agreement with Odickson Finance," she said to me yesterday.
She said after two months the company will use hybrid financing and internal cash to finance BSP's rights issue. "This is bridging loan, so the tenor is short term."
Odickson Finance is financial institution of British Virgin Island, a tax haven country.
Hybrid financing is the effort to get international financing through some instruments like bonds and loan altogether, using assets as collateral. Usually the interest rate is higher than the market rate.
Saturday, September 22, 2007
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