Adaro Obtains US$380 Million Loan Facility

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  • The Tutupan coal mine belonging to Adaro Energy near Banjarmasin, East Kalimantan. REUTERS/Matthew Bigg

    The Tutupan coal mine belonging to Adaro Energy near Banjarmasin, East Kalimantan. REUTERS/Matthew Bigg

    TEMPO.CO, Jakarta - Listed coal mining company, PT Adaro Energy Tbk (IDX: ADRO) said that its subsidiary, PT Adaro Indonesia, has obtained a loan of US$380 million, which matures in 2020. Adaro Finance Director David Tendian said the loan will be used for refinancing.


    "In the midst of a slowing market, we are still getting support from banks," he said in a written statement to the Indonesia Stock Exchange (IDX), June 3.


    He said the loan facility is a balance of a loan commitment from 12 international banks worth $2.85 billion. The facility will be used to refinance a credit facility worth $500 million obtained in 2009.


    David also said that all of the company's coal production has been ordered for this year. "From our production target of 50 million to 53 million tons, all had been ordered by customers," he said.


    He said that 15 percent of Adaro's total production will be exported to India while seven percent will be sold to China. This year, Adaro targets its earnings before interest tax and depreciation (EBITDA) at $850 million to $1 billion.



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