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Barito Pacific secures $250 million loan to acquire Star Energy Group Holdings
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A styrene monomer plant owned by PT Chandra Asri Petrochemical, which consists of two trains using both mobil-badger technology and lummus technology. The parent company of Chandra Asri, PT Barito Pacific, has secured a US$250 million loan to support the acquisition of a local energy firm. (Courtesy of http://www.chandra-asri.com//File)
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iversified petrochemical giant PT Barito Pacific has secured a US$250 million loan from Bangkok Bank, Thailand’s biggest lender by assets, to support its plan to acquire local energy firm Star Energy Group Holdings Pte Ltd (SEGHL).
The loan had to be settled within 18 months after March 24 when the agreement was signed, Barito Pacific director Henky Susanto said in a statement released at the Indonesia Stock Exchange (IDX).
Under the deal, Barito has pledged nearly 500 million shares of its subsidiary PT Chandra Asri Petrochemical, Barito’s debt service reserve account and dividend account, as collateral.
Furthermore, a corporate guarantee provided by other Barito’s subsidiaries PT Griya Idola and Marigold Resources Pte Ltd. also serves as collateral.
(Read also: Barito Pacific poised for better performance after plant resumes operations)
Prior to the loan agreement, Barito, owned by tycoon Prajogo Pangestu, a close friend of late former president Soeharto, signed on March 21 a supplemental memorandum of understanding (MoU) regarding the acquisition plan with two SEGHL shareholders, Star Energy Investment Ltd and SE Holdings Limited. (lnd)
