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A subsidiary of ESSA will refinance its debt to IFC

20 October 2020 08:03

JAKARTA - PT Panca Amara Utama (PAU), a subsidiary of PT Surya Esa Perkasa Tbk (ESSA) plans to refinance all of its debt to the International Finance Corporation (IFC). PAU's outstanding debt value as of 30 September 2020 was US$436.68 million.

According to the disclosure published on Tuesday (20/10), ESSA's management said that the company would seek bank loans or issue bonds with a total value of US$650 million. The proceeds from this corporate action will be used to pay off its debt to IFC and as working capital. It is expected that PAU's financial flexibility and liquidity, as well as cash flow, will improve after settling all of these debts.

The company will seek approval for its plan during its Extraordinary General Meeting of Shareholders (EGM) on 25 November 2020. (LK/AR)

 
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