PT Medco Energi Internasional Tbk, the bigger of Indonesia two listed oil companies, said it got a US$125 million loan from PT Bank Mandiri Tbk to fund the development of its oil and gas projects.
The one-year facility replaces a Bank Mandiri loan of the same amount and with the same terms and conditions, Medco said in a statement posted on its Web site.
The loan represents more than half of the $244 million debt Medco on March 5 said it would refinance through bond sales and bank loans.
The Jakarta-based company seeks to boost output to offset a drop in oil prices.
To ensure that the developments of its major projects are achieved within the timeframe envisaged, Medco will further look at other financing, the company said on its Web site.
Wednesday, March 18, 2009
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