C. Kalbar restructures debts

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)