JAKARTA - PT Agung Podomoro Land Tbk (APLN) has obtained a refinancing loan facility of US$ 127 million from Opportunities II Pte Ltd. The loan will be used to speed up the payment of the company's bonds and syndicate loans.
According to the company's information disclosure, Agung Podomoro Director Cesar M. Dela Cruz said that the loan facility will be used to repay a bond worth Rp 451 billion, another worth Rp 99 billion, a Rp 1.30 trillion syndicate loan to PT Bank BNP Paribas Indonesia, and a Rp 750 billion syndicate loan to PT Bank Maybank Indonesia Tbk (BNII).
The loan facility is guaranteed with several assets including a certificate of rights on the Central Park apartment complex, a fiduciary guarantee on the Central Park Mall receivables, a fiduciary guarantee on the payment of the Central Park Mall's insurance, a transfer of agreement regarding Central Park, and a pawn guarantee on bank accounts.
According to Mr Dela Cruz, the company's shareholders will strengthen its capital structure to repay its debt to its creditors. In this loan facility agreement, Madison Pacific Trus Ltd acted as a guarantor from the debtor. The total debt is less than 50% of Agung Podomoro's net worth. (LK/MS)