Bakrie Toll get loan US$45 million

PT Bakrieland Development Tbk last week announce the subsidiary firm, PT Bakrie Toll Road, had just got US$45 million or IDR450 billion loans from Beleggingsmaatschappij Broem BV, the subsidiary company of Avenue Luxembourg SARL, which owns 30.76 percent of Bakrieland stakes.
Bakrieland formerly planed to issue IDR1 trillion bonds next year. The fund will be allotted for the refinancing to BNI which had previously provided loan to Bakrieland.
The company still focuses on the development of two toll roads, Kanci-Pejagan toll road and Ciawi-Sukabumi executed by Bakrie Toll Road. For Ciawi-Sukabumi toll roads, Bakrieland will clear the land with the fund provided by Avenue.
Concerning with the US$45 million loans from Avenue, the company said Bakrie Toll will lend the fund to PT Semesta Marga Raya.
Bakrieland gives corporate guarantee as the collateral of the loan given whose amount is on the shares ownership percentage basis directly and indirectly to Semesta Marga Raya, or 49.97 percent.
Based on the covenant, the cost of fund of 19.5 percent per year includes the 15.875 percent interest rate per year. The commitment of interest payment is 2 percent per year which will be paid by 1 percent every six months for three years.
Besides, there are facility costs worth the total loan cost of fund. The whole cost of fund will be paid on the due date but the semester payment.
Meanwhile, the corporate guarantee includes the repurchase agreement of 100 percent shares of Satria Cita Perkasa, Pan Galactic Investment, and Transglobal Finance Limited, 100 percent of Bakrie Toll Road shares