Loan Syndication Elnusa USD95 Million Worth
Credit & Loan December 12th, 2009
In addition to already have upstream oil and gas service contract, PT Elnusa Tbk (ELSA) also recently got syndicated loan worth USD95 million. Syndicated loans are from the five banks of both local and foreign, including PT Bank Central Asia Tbk (BBCA), PT Bank International Indonesia Tbk (BII), Rabbobank PT Bank International Indonesia, PT Bank Chinatrust Indonesia, and PT Bank Mizuho Indonesia.
“Details of the new loan is worth USD45 million for the purchase of equipment, while $ 50 million for debt refinancing previous BCA and working capital,” explained Director ELSA, Eteng A. Salam, in Jakarta, Wednesday (16/7/2008).
The funds of USD45 million will be used to purchase two rigs, snubbing units, one unit working barge, two well lesting barge units, refurbishment of three land rigs, and the purchase of surface and downhole testing.
As for total new loans, will be divided into three, namely Tranche A of $ 27, 5 million, Tranche B of USD22, 5 million, and Tranche C of USD45 million, with the details of the use of credit, including Tranche A and B are used to finance re working capital and investments of $ 42, 5 million.
In addition, for refinancing and working capital will require funds of USD52, 5 million, which use the Tranche A and Tranche C. Where the interest rate charged to the ELSA itself is Tranche A, for SIBOR USD (1 month) + 2.75 per cent pa in the period of one year. As for interest Tranche B & C for SIBOR USD (1 month) + 3 per cent pa in the five-year term.
In addition, ELSA itself budgeted capital expenditure plan for 2008 worth $ 130 million, with a focus on core business in the upstream oil and gas services. Earlier, in June, ELSA get credit from Bank Danamon Sharia for USD24, 5 million. For $ 4, 5 million is $ 20 million investment loans with tenor of 5 years, while the remaining $ 4, 5 million are working capital loans with tenor of 1 year.
Performance of the first quarter alone, ELSA recorded a net income of Rp462, 32 billion. However, net profit first quarter loss of minus aka Rp10, 185 billion. This is because when entering new contracts in the first quarter, the company has not received its contribution to income.
While for the first semester alone, ELSA consolidated revenues estimated at approximately Rp1, 17 trillion, with an estimated net profit of about Rp85, 37 billion.
