Astra speeds up debt payment

Astra speeds up debt payment

JAKARTA: Automotive conglomerate PT Astra International plans
to speed up the settlement of its debts ahead of schedule by
making a further prepayment of its US$122 million loan and bond
obligations at the end of this month.

Astra finance director John Slack said the company would use
internal cash to make the prepayment, with the balance of the
debt after the prepayment being reduced to $125 million. The debt
would be entirely matured on June 30, 2006.

"I expect we will be able to arrange a full refinancing of our
obligations before the end of this year," said Slack in a press
statement on Wednesday.

Under the terms of Astra's loan agreement, the company has
agreed to refinance its debts before they mature. -- JP