JAKARTA – PT Global Digital Niaga Tbk (BELI) has reportedly paid off its loan facility of IDR 2.9 trillion to PT Bank BTPN Tbk (BTPN) earlier than the schedule, on December 7, 2022. The repayment of this loan is initially due September 29, 2023.
BELI and BTPN signed the credit agreement on September 28, 2021. It consisted of a time loan revolving facility with a limit of IDR 4 trillion, a bank guarantee facility with a limit of IDR 100 billion, and a letter of credit (L/C) facility with a limit of IDR 200 billion. In the end, BELI owed BTPN IDR 2.9 trillion worth of facility, which had been used to fund its general corporate needs.
BELI then used up IDR 2.75 trillion of the proceeds of its initial public offering (IPO) to pay the debts as initially planned in its final IPO prospectus. Then, another IDR 150 billion was covered by its own internal cash.
Eric Winarta, Corporate Secretary of BELI, claimed that this loan repayment will surely reduce BELI’s financial obligations. Lastly, this transaction is not categorised as material transaction. “It does not reach 20% of the company's equity,” he said. (ZH)