C. Kalbar restructures debts

JAKARTA (JP): Fats producer and cocoa grinder PT Cahaya Kalbar said on Monday that it had successfully restructured its US$30 million debts with a group of 13 foreign and local banks.

The company claimed that it was the first publicly listed Indonesian firm to have restructured its foreign borrowing.

It said the $30-million syndicated facility that was originally for two years included an annual put option for the lenders.

Under the terms of the restructuring, the creditors agreed to extend the outstanding portion of the facility for another 2.5 years with quarterly amortizing payments.

Cahaya Kalbar also said it would soon raise funds through a rights issue to repay 50 percent of its outstanding foreign debts ahead of schedule.

The company expects to raise Rp 178 billion (US$19.8 million) from the upcoming rights issue, which it claimed had been fully underwritten by Value Vest Management Company, LLC. (rid)