Adaro Energy Annual Report 2009 175 www.adaro.com
PT ADARO ENERGY Tbk AND SUBSIDIARIES Schedule 537
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2009 AND 2008
Expressed in million Rupiah, unless otherwise stated
21. LONG-TERM BANK LOANS 2009
2008 Rupiah
PT Bank CIMB Niaga Tbk -
25
US Dollars Syndicated Loan
5,170,000 6,570,000
Senior Credit Facility syndicated loan 2,165,384
2,574,455 PT Bank OCBC NISP Tbk
141,000 -
7,476,384 9,144,455
Total long-term bank loans 7,476,384
9,144,480 Less:
Portion due within one year 1,856,039
818,538 Non-current portion
5,620,345 8,325,942
The interest rates on the long-term bank loans are as follows:
2009 2008
Rupiah -
6.9 US Dollars
1.5 - 6.7 3.3 - 6.5
a. Syndicated Loan
On 2 November 2007, Adaro and Coaltrade, as the Borrowers, entered into a syndicated loan facility agreement with several foreign banks the “Lenders”, which consisted of DBS Bank Ltd, Standard Chartered Bank Singapore branch, Sumitomo
Mitsui Banking Corporation Singapore branch “SMBC”, The Bank of Tokyo-Mitsubishi UFJ Ltd Singapore branch and United Overseas Bank Ltd Singapore and Labuan branch, wherein DBS Bank Ltd acts as the facility agent. Based on the
agreement, the Lenders agreed to grant bank loan facilities of US750 million, of which Adaro and Coaltrade obtained facilities of US550 million and US200 million, respectively. These facilities consist of a term loan facility of US650 million
and a revolving loan facility of US100 million with interest rates at LIBOR plus a certain percentage.
The term loan facility is payable quarterly with the first installment on 7 March 2008. The remaining payment schedule for the outstanding term loan is as follows:
Year Adaro
Coaltrade Total
US US
US
2010 36,536,000
13,464,000 50,000,000
2011 116,925,391
43,074,609 160,000,000
2012 175,389,686
64,610,314 240,000,000
328,851,077 121,148,923
450,000,000 The term loan facility has a maturity date on the fifth anniversary from the date of the loan agreement. The revolving loan
facility of US100,000,000 should be repaid in full on the third anniversary of the date of the loan agreement, at which point Adaro and Coaltrade may request to extend the facility up to 7 December 2012.
In September 2008, the Borrowers made an early repayment amounting to US100,000,000 for the term loan facility from the funds earned from the IPO.
ATA, IBT, Biscayne, Arindo Holdings, Viscaya and the Borrowers collectively hereinafter referred to as the “Guarantors”, act as the guarantors of the syndicated loan.
In accordance with the loan agreements, Adaro, IBT and Coaltrade the “Primary Operating Companies” are required to maintain certain financial ratios, with which the Primary Operating Companies was in compliance as at 31 December 2009.
The Primary Operating Companies are also required to comply with certain terms and conditions on Article of Association, the nature of business, dividends, corporate actions, financing activities and others.
176 Adaro Energy Annual Report 2009
From Us to Y
ou
Running Adaro
Management Report
Owning Adaro
Governing Adaro
Financial Report
Contact Us Corporate Social
Responsibility Adaro in Summary
www.adaro.com
PT ADARO ENERGY Tbk AND SUBSIDIARIES Schedule 538
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2009 AND 2008
Expressed in million Rupiah, unless otherwise stated
21. LONG-TERM BANK LOANS continued b.
Senior Credit Facility syndicated loan
On 13 August 2008, SIS the “Borrower”, and the Company the “Guarantor”, entered into a Senior Credit Facility agreement of US300,000,000 with a syndicate of banks consisting of ANZ Banking Group Ltd, Calyon, Standard Chartered Bank, DBS
Bank Ltd, SMBC, United Overseas Bank Ltd, the Bank of Tokyo-Mitsubishi UFJ Ltd Singapore branch, Oversea-Chinese Banking Corporation Ltd, PT Bank Ekspor Indonesia “BEI”, PT Bank Mandiri Persero Tbk “Mandiri” Singapore branch as
Mandated Lead Arrangers, SMBC as Facility Agent, PT ANZ Panin Bank as Common Security Agent and DBS Bank Ltd and PT Bank DBS Indonesia as account banks.
This facility has a final maturity date of 30 June 2013 and is payable on a quarterly basis. This facility bears interest at LIBOR plus a certain percentage.
This credit facility was used for the purpose of refinancing all the bank and other third party loans, and to finance the capital expenditures, working capital and acquisition of shares in SMP.
Under this senior credit facility agreement, SIS is required to maintain certain financial ratios, with which SIS was in compliance as at 31 December 2009. SIS is also required to comply with certain terms and conditions on Articles of
Association, the nature of business, corporate actions, financing activities and others. As at 31 December 2009, the outstanding balance of this facility was US230,360,000 2008: US235,110,000, which is
repayable according to the following schedule:
Payment schedule Payment amount
year US
2010 46,200,000
2011 50,850,000
2012 53,250,000
2013 80,060,000
230,360,000 This loan is collateralised by:
- all trade receivables owned by SIS;
- all equipment, machinery, vehicles, and other moveable goods owned by SIS;
- insurance claim on all equipment, machinery, vehicles and other moveable goods owned by SIS;
- all Principal Agreements owned by SIS;
- land and buildings owned by SMP; and
- corporate guarantee from the Company.
c. PT Bank OCBC NISP Tbk
On 3 December 2009, SDM obtained a term loan facility of US15,000,000 from PT Bank OCBC NISP Tbk. This credit facility was used for purpose of refinancing a portion of Barito Channel project cost which was previously financed by ATA. The
facility has a final maturity date of five years after first withdrawal and is payable on a semester basis. The loan bears interest at 3-month Singapore Interbank Offered Rate “SIBOR” plus a certain percentage and is payable on a quarterly basis.
Under the loan agreement, SDM is required to maintain certain financial ratios, with which SDM was in compliance as at 31 December 2009. SDM is also required to comply with certain terms and conditions on Article of Association , the nature of
business, corporate actions, financing activities and others. The loan is collateralised by:
- All trade receivables owned by SDM at the maximum of US15,000,000;
- Insurance claim which covers the risk of operating loss;
- Letter of Comfort from Adaro.
As at 31 December 2009, the outstanding balance of this facility was US15,000,000 which is repayable according to the following schedule:
Payment schedule Payment amount
year US
2010 1,251,000
2011 2,250,000
2012 3,000,000
2013 3,499,500
2014 4,999,500
15,000,000