JAKARTA. PT PP Properti Tbk (PPRO) has entered into a preliminary agreement to obtain a loan facility worth IDR 4 trillion from its parent company, PT PP (Persero) Tbk (PTPP).
Deni Budiman, PPRO's Finance Director, explained that the loan facility will be used to pay off the company's debt in the form of bonds, Medium Term Notes (MTN) and Domestic Documents (SKBDN), and syndicated bank loans. The entire debt will mature in 2021 and 2022, with a total value of IDR 4 trillion.
"This plan is a backup for the company's strategy if there is something that cannot be realized, such as asset recycling and refinancing with the issuance of the remaining PUB (Sustainable Public Offering) II," said Budiman through an information disclosure on the Indonesia Stock Exchange.
The loan from PTPP will be given with a tenor of 3 years from the disbursement of the loan and an interest of 9.5% per annum. "This loan is not collateralized by a special guarantee," explained Budiman.
To obtain this loan facility, PPRO will seek approval from the General Meeting of Independent Shareholders. (KR/LM)