UT to refinance $90m debt in 2005

UT to refinance $90m debt in 2005

JAKARTA: PT United Tractors, a distributor and producer of
heavy equipment, is considering refinancing a US$90-million debt
this year through an issuance of bonds or by taking out new bank
loans, a senior official said on Friday.

"We are making a preliminary study of the possibility of
either issuing bonds or seeking bank loans to refinance the
debt," United Tractors Finance Director Buntoro Muljono told a
news conference.

The move is aimed at improving the company's financial
structure, paving the way for it to expand further, he added,
without elaborating.

Indonesia's largest automotive company Astra International
owns a 56.5% stake in United Tractors. -- Dow Jones