PT SAMPOERNA AGRO Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Nine Months Ended September 30, 2007 and 2006
Expressed in thousands of Rupiah, unless otherwise stated
33
16. BANK LOANS continued Credit Suisse, Singapore Branch continued
The Company may accelerate its loan repayment by informing the facility agent minimum 10 days before current period ended and pay at the end of the current period the amount of outstanding loan
plus accrued interest and other charges as mentioned in the agreement.
The Company has used the loans, among others, for the following details: 1. US 17,505,000 was lent by the Company to Venture Max Resources Pte., Ltd., Singapore, its
parent company to partially refinance its acquisition of the Company’s shares Note 25b. This loan shall be due in one day after the receipt of repayment notice from the Company. Based on
the amendment to the facility agreement dated May 28, 2007, which were entered into between Venture Max Resource Pte., Ltd. and the Company, this facility shall bear interest at 3 month
LIBOR + 2.5 per annum starting July 1, 2007.
2. US59,000,000 was used for 100 acquisition of the shares of Palma Agro Ltd. PAL which was established in Republic Seychelles Note 3. PAL holds 93.6 shares ownership in Sungai
Rangit. On January 16, 2007, based on assesment of PT Fiera Admiratiara, an independent appraisal, the value of Sungai Rangit ranges between US54,000,000 and US63,000,000.
3. Equivalent to Rp138,546,841 was lent to Telaga Hikmah and Mutiara Bunda Jaya, to settle their loan to PT Bank Rakyat Indonesia Persero Tbk BRI. On January 29, 2007, Telaga Hikmah
and Mutiara Bunda Jaya have fully repaid their loans to BRI, which amounted to Rp71,054,570 and Rp42,426,715. Equivalent to Rp14,969,000 was lent to Telaga Hikmah and Mutiara Bunda
Jaya to secure the repayment of their plasma participants’ loans to BRI.
On 26 July 2007, the Company has fully repaid US 100,000,000 of loan facility to Credit Suisse, Singapore Branch.
PT Bank Central Asia Tbk BCA Sungai Rangit
On November 15, 2006, Sungai Rangit obtained investment loan facilities from BCA, with the following details:
a Facility at the maximum of Rp180,000,000, to be used to repay the convertible loan, which is
repayable in six 6 years after two 2-year grace period, starting from the initial withdrawal. b Facility at the maximum of Rp95,000,000 or its equivalent amount in US dollar, to be used to
expand the plantation activities and for rehabilitation program for palm oil mill and plantation, which is repayable in six 6 years after two 2-year grace period, starting from the initial withdrawal.
c Facility at the maximum of Rp25,000,000 or its equivalent amount in US dollar, to be used to expand the plantation activities and for rehabilitation program for palm oil mill and plantation, which
can be withdrawn within January 1, 2008 to June 30, 2008. This facility is repayable in six 6 years after one-year grace period, starting from the initial withdrawal.
Above facilities bear interest at the bank’s prime lending rate minus 2 for Rupiah withdrawal and at 1 month SIBOR plus 1.5 for US dollar withdrawal. The facilities were collateralized by landrights and
buildings, new plantation area, and palm oil mill, and secured by the Letter of Undertaking from PT Sampoerna Bio Energi.
PT SAMPOERNA AGRO Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Nine Months Ended September 30, 2007 and 2006
Expressed in thousands of Rupiah, unless otherwise stated
34
16. BANK LOANS continued PT Bank Central Asia Tbk continued
