JAKARTA – Blue Ocean Resources Pte Ltd. (BOR), the subsidiary of PT Central Proteina Prima Tbk (CPRO), a shrimp and fish rancher, to restructure its obligations worth USD 162.46 million by issuing another bond of USD 79.58 million. This debt restructuring would use the scheme of arrangement (SOA) based on Singaporean law.
Armand Ardika, the Corporate Secretary of CPRO, announced that the said obligations are equivalent to IDR 1.16 trillion using mid-rates currency on October 31, 2020, of IDR 14.690 per USD. “The transaction would take place June 23, 2021,” Ardika stated in the information disclosure, quoted Friday (21/5).
According to Ardika, this restructuring would diminish CP Prima’s debt by 51% to USD 79.58 million from its initial amount of USD 162.46 million in October 2020. Furthermore, the current interest calculation base would reach 10% per year from 8% per year used for the previous debt.
The arranger of this corporate action would be Investment Opportunities V Pte Ltd (IOV), an investment company under Ares SSG Capital Management (Hong Kong) Ltd. (SSG). IOV is an affiliate through Tobias Ernst Chun Damek, the Commissary of CP Prima, who is also an employee in SSG.
As of October 2020, the company’s equity was recorded at IDR 320.25 billion and will increase to IDR 1.98 trillion after this debt restructuring. The final decision regarding this plan would be made in the Extraordinary General Shareholders Meeting on June 23, 2021. (LK/ZH)