Citra Marga eying debt deal

Citra Marga eying debt deal

SINGAPORE (Dow Jones): Indonesian tollroad operator PT Citra Marga Nusaphala said Thursday its request to extend a debt issue coming due Monday has been met with "understanding" from creditors.

In a meeting in Singapore Thursday, Citra Marga asked its creditors for a six-month extension of a US$175 million floating rate note due Dec. 14.

"Given the current economic conditions in Indonesia, (the creditors) are understanding," Dian Ruslan Adl, who is in charge of investor relations for Citra Marga, told Dow Jones Newswires.

Citra Marga's creditors include Japanese, Korean and U.S. investment banks.

During the six-month extension, Citra Marga hopes it can negotiate a restructuring of the debt with a committee representing its creditors.

"We are trying to gather their advice and opinions and meet in the middle (and) find a solution that is good for both of us," she said.

She said the note issue is the company's only short-term debt.

Longer-term debt includes a $125 million Eurobond issue due 2002 and a local bond issue due 2004.

The holders of the company's Eurobonds must also approve any restructuring of the note issue.

Adl said further debt restructuring is possible, but the company is currently concentrating on the issue coming due this month.

Citra Marga is controlled by Siti Hardiyanti Rukmana, also known as Tutut, the eldest daughter of former Indonesian President Soeharto.