JAKARTA – PT Alam Tri Abadi (ATA), a subsidiary of PT Adaro Energy Tbk (ADRO), upgrade the credit ceiling for Vindoor Investments (Mauritius) Ltd, an affiliate of ADRO, up to USD 550 million. The said loan facility was initially worth USD 276 million, available since June 8, 2018.
In the information disclosure quoted Thursday (16/12), the management stated that the amendment of the facility agreement was signed last week (13/12). The revision involved extending the loan period from 6 years 6 months to 8 years 6 months and raising the interest rate from LIBOR + 2.50% to LIBOR + 3.42%.
The loan channelled to Vindoor, a part of Adaro Capital, is intended for it to be developed into the main income generator for the group. It would also be more beneficial to distribute loans to an affiliate rather than a third party.
Vindoor is also the subsidiary of Arindo Holdings, ATA’s subsidiary. ADRO’s ownership is reportedly above 99.99%. (LK/ZH)