JAKARTA - PT Bayan Resources Tbk (BYAN) and Sumitomo Mitsui Banking Corporation (SMBC), Singapore agreed to renew a number of revolving credit terms and bank guarantees, yesterday (24/3). This was conveyed by Low Tuck Kwong, President Director of PT Bayan Resources Tbk (BYAN) in an information disclosure quoted on Thursday (25/3).
He said the agreement had signed a number of changes and loan terms, namely, a reduction in the credit facility from US$ 100 million to US$ 75 million and a bank guarantee from US$ 30 million to US$ 20 million. "The bank credit facility will be extended for three years until March 19, 2024," he said.
Previously, the credit facility was signed on March 21, 2018 and March 29, 2019 and was used to finance the company's operational and working capital needs. "The loan guarantee is PT Bara Tabang, a subsidiary of BYAN," he said. (LK/LM)