PT Surya Citra Televisi (SCTV) secured debt of IDR250 billion from PT
Elang Mahkota Teknologi Tbk in order to pay off II/2007 bonds worth
IDR575 billion.
According to an announcement published by the parent company of SCTV, PT Surya Citra Media Tbk and Elang Mahkota, the loan has 5 year-tenor and burdened by a 3-month time deposit rate of PT Bank Central Asia Tbk (BCA) plus 2.75%.
According to an announcement published by the parent company of SCTV, PT Surya Citra Media Tbk and Elang Mahkota, the loan has 5 year-tenor and burdened by a 3-month time deposit rate of PT Bank Central Asia Tbk (BCA) plus 2.75%.
SCTV and Elang Mahkota are recognized as an affiliated party since 99.99% of shares owned SCTV Surya Citra Media and as much as 79.86% shares of Surya Citra Media are owned by Elang Mahkota.
The loan is claimed to save the company's interest expense since the interest rate of the affiliated loan was equal to 7.5% and it is still under II bonds which will be repaid with coupon rate of 10.95% per year.
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