Sampoerna's debt rescheduled<\/p>\n
JAKARTA (JP): Cigarettemaker PT HM Sampoerna announced on
\nThursday that it had secured approval from its creditors' to
\nreschedule the $140 million outstanding of a $150 million
\nsyndicated term loan and revolving credit facility.<\/p>\n
The company said in a statement the agreement was signed
\nsimultaneously in Singapore and Jakarta and was attended by
\nrepresentatives of the Jakarta Initiative, the Indonesian
\ngovernment-sponsored private debt facilitating agency.<\/p>\n
Under the debt agreement, the debt facility will be extended
\nfor three-and-a-half years, from June, 1999, to the end of
\nDecember, 2002.<\/p>\n
The facility for rescheduling -- provided by a syndicate of 17
\ninternational banks, including the Chase Manhattan Bank and the
\nBank of Tokyo-Mitsubishi -- carries annual interest rates of
\nbetween 3.2 percent and 3.7 percent above the Inter-bank Offered
\nRate (SIBOR).<\/p>\n
Credit Suisse First Boston will act as the financial advisor.<\/p>\n
Rescheduling of the facility follows a substantial reduction
\nof Sampoerna's debt levels, after the company met scheduled debt
\npayments and bought back U.S. bonds.<\/p>\n
\"After the bond buy-back and the rescheduling of the facility
\nSampoerna reduced its total borrowings by US$128 million, or 34
\npercent, from $372 million at the end of 1998 to $244 million as
\nof June 14,\" the company said in a statement.<\/p>\n
The amount of the buy-back represents 34 percent of the
\ncompany's total debt, the company said.<\/p>\n
PT HM Sampoerna is Indonesia's second largest manufacturer of
\ncigarettes.(udi)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/sampoernas-debt-rescheduled-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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