JAKARTA - PT Surya Esa Perkasa Tbk (ESSA) is seeking for a new source of funding worth US$ 450 million through the issuance of bonds (global bonds) or bank loans. This corporate action plan will be decided at the Extraordinary General Meeting of Shareholders (EGMS) which will take place on March 4, 2020.
As quoted from the disclosure of company information, Friday (2/14), for this refinancing plan, ESSA provides company guarantees namely, all assets and shares owned by PAU to ESSA. The loan interest rate is set at 7.5% per year for a period of seven years or until 2027. The funds from the issuance of this debt will be used as debt refinancing of PT Panca Amara Utama (PAU), an ESSA subsidiary to the International Finance Corporation (IFC ).
As for the capital structure owned by PAU as of December 31, 2019 namely, authorized capital of Rp 3 trillion and issued capital of Rp 2.13 trillion. Where the composition of shareholders, among others, ESSA amounted to 0.585%, PT Sepchem 59.415%, Genesis Corporation 29.734%, Gull Private Equity Partners Ltd 9.973%, and PT Daya Amara Utama 0.292%. (LK)