JAKARTA – PT Bayan Resources Tbk (BYAN) obtains a limit extension for its revolving loan facility from PT Bank Mandiri (Persero) Tbk (BMRI) to USD 90 million. It was initially capped at USD 75 million.
Jenny Quantero, Director of BYAN, mentioned that the loan will be utilised as a working capital and to cover the issuance of bank guarantee, letter of credits (LC), and standby letter of credits (SBLC) regarding its obligations to the state, consumers, and vendors. “The guarantee for this facility is PT Bara Tabang and PT Fajar Sakti Prima, two of our subsidiaries,” she explained in the information disclosure quoted Friday (18/11).
According to Quantero, this facility extension will be further stated in the addendum of the credit facility that was first signed on October 24, 2019. This facility has a sub-limit of non-cash loan of up to USD 80 million, as well as the additional working capital credit of USD 10 million.
It is mentioned that the company will be able to increase its allocated budget for its operational activities with this extra amount of facility. “This loan may be utilised to pay the subcontractors that have been assigned by the company and its subsidiaries,” Quantero stated. (LK/ZH)