PT SAMPOERNA AGRO Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Six Months Ended June 30, 2007 and 2006
Expressed in thousands of Rupiah, unless otherwise stated
35
15. LONG-TERM BANK LOANS continued PT Bank Rakyat Indonesia Persero Tbk BRI continued
Mutiara Bunda Jaya continued Company’s corporate status, articles of association and the Company’s management, sale or transfer
of their fixed assets, investing in other companies, obtaining new long-term loans, payment of payable to shareholders and granting of guarantees.
On January 29, 2007, these loans have been fully repaid to BRI.
Telaga Hikmah On June 19, 2003, Telaga Hikmah entered into a bank loan restructuring agreement with BRI. Under
this loan restructuring agreement, BRI agreed to reschedule the settlement of the outstanding bank loan facilities under the following conditions among others:
a The limit of the Telaga Hikmah Inti loan facilities remains the same at Rp101,055,000. b The outstanding Inti loan balance as of December 31, 2002 of Rp71,145,461 will be repaid on a
quarterly basis based on a repayment schedule starting from the first quarter of 2004 through the second quarter of 2009. The remaining Inti loan facility of Rp29,909,539 shall be drawn down in
2003 and shall be repaid on a quarterly basis starting from the first quarter of 2006 through the third quarter of 2009.
c The interest rate for the Inti loan is a floating rate of 18.5 per annum, and such rate is from time to time subject to adjustment by BRI to reflect prevailing interest rates.
d Effective for the period starting from January 1, 2003 through December 31, 2003 interest on the Inti loan balance of Rp71,145,461 is due to be paid on a current basis at the rate of 11 per
annum. Payment of the portion of the interest incurred at the rate 7.5 per annum is deferred. Payments of such deferred interest are to be made on a quarterly basis starting from the third
quarter of 2007 through the end of the third quarter of 2009.
e BRI agreed to reschedule payment for interest amounting to Rp10,690,613. The deferred interest is repayable, commencing on the first quarter of 2004 on a quarterly basis based on a repayment
schedule and is to be fully paid by the end of the second quarter of 2007. Telaga Hikmah’s loan is secured by plantation assets, fixed assets consisting of palm oil mill,
buildings, vehicles and heavy equipment, guarantee deposits, personal guarantees from former shareholders, corporate guarantees from the Company and PT Selapan Permai Lestari and a
corporate guarantee from Aek Tarum Notes 4, 9 and 10. The loans from BRI bear annual interest ranging from 12 to 16 per annum in 2006.
The restructured loan agreements for Mutiara Bunda Jaya and Telaga Hikmah provide several requirements which need prior written approval from BRI with respect to transactions that exceed
certain thresholds agreed with BRI, such as, among others, mergers, acquisitions, change in the Company’s corporate status, articles of association and the Company’s management, sale or transfer
of their fixed assets, investing in other companies, obtaining new long-term loans, payment of payable to shareholders and granting of guarantees.
On January 29, 2007, this loan has been fully repaid to BRI.
PT SAMPOERNA AGRO Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Six Months Ended June 30, 2007 and 2006
Expressed in thousands of Rupiah, unless otherwise stated
36
15. LONG-TERM BANK LOANS continued PT Bank Mandiri Persero Tbk Mandiri
