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US‘000 DESCRIPTION
AMOUNT
b. By currency
U.S. Dollar 424,840
Rupiah 8,317
Others 1,200
30 June 2013 434,357
c Other accounts payable As of June 30, 2013, other accounts payable amounted to US13.5 million are from third parties.
d Taxes payable As of June 30, 2013, taxes payable amounted to US1.2 million, comprising of corporate income tax, income tax Article 42, Article 21,
Article 23, Article 26 and value added tax. e Accrued expenses
As of June 30, 2013, accrued expenses amounted to US5.7 million, comprising of accrued interest of US2.4 million and other accrued expense of US3.3 million.
f Customer advances
As of June 30, 2013, customer advances in the form of cash received from customers amounted to US7.5 million. g Current maturities of long term liabilities
As of June 30, 2013, current maturities of long term liabilities amounted to US33.3 million, comprising of US33.2 million of bank loans and US0.1 million of finance lease obligations.
2. Non-current liabilities
As of June 30, 2013, the Company had noncurrent liabilities amounting to US461.7 million, with details as follows: a Deferred tax liabilities
As of June 30, 2013, the net deferred tax liabilities amounted to US130.3 million which comprises of the Company’s deferred tax liabilities amounting to US109.6 million and the subsidiary’s deferred tax liabilities amounting to US20.7 million.
b Long-term liabilities – net of current maturities
As of 30 June 2013, long-term liabilities – net of current maturities consisted of term loan that amounted to US310.2 million and finance
lease obligations that amounted to US0.1 million. Below are the details of term loans: Term loan
US’000 DESCRIPTION
AMOUNT
Term loan US220 million 208,533
Term loan US150 million 134,890
Total long-term loans 343,443
Less: Current maturities 33,210
30 June 2013 310,233
Tem Loan US220 million On September 29, 2012, the Company executed a Term Facility Credit Agreement of up to US220.0 million with The Siam Commercial
Bank Public Company Limited and Bangkok Bank Public Company Limited Jakarta. The balances of the loans as of June 30, 2013 were as follow:
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US’000 DESCRIPTION
AMOUNT
The Siam Commercial Bank Public Company Limited 120,000
Bangkok Bank Public Company Limited Jakarta 100,000
Total 220,000
Less: unamortized transaction cost 11,447
Net 208,553
Bangkok Bank Public Company Limited acts as facility agent and DB Trustees Hongkong Limited acts as security agent. PT Petrokimia Butadiene Indonesia “PBI”, PT Styrindo Mono Indonesia “SMI” and Altus Capital Pte. Ltd. “Altus” act as guarantors.
Proceeds from the loan were utilized to buyback all outstanding 12.875 Senior Secured Guaranteed Notes and to pay related costs. The facility is secured by, inter alia, Fiduciary Security on Insurances and Movable Assets, Security on Land Mortgages and First Rank
Land Mortgages, Pledge Over Onshore and Offshore Accounts placed on the Lenders, and pledge over shares of PBI and Altus. The Company is required to maintain the following financial ratios:
Interest Service Coverage Ratio shall be greater than 1.75 : 1.
Total Debt to Capitalization Ratio shall not exceed 50. The Company is required to maintain a certain balance of Debt Service Accrual Account and Debt Service Reserve Account.
Based on this agreement, the Company and subsidiaries guarantor are not allowed to : 1. Put assets on collateral other than for the existing collateral agreement;
2. Sell, transfer, or release the asset provided that the Company and guarantor are able to finance lease or buyback the said asset; 3. Sell, transfer or release receivable by resource it;
4. Enter into a title retention agreement; 5. Enter into an agreement where cash, or benefit from bank or other account can be used, exchanged, or to be a subject for
combination of account; 6. Enter into other agreements that has the same effect, in the condition that the said agreements or transactions is carried out for the
main purpose of raising loan or financing an acquisition on an asset. On June 30, 2013 Interest Service Coverage ratio and the ratio of total borrowings to each capitalization is 3.13:1 and 32 respectively.
Group has met the terms and conditions of loan that set out by the bank. The repayment of the loan is over 12 instalments, with the schedule as follow:
Months after drawdown Repayment of Principal
18 6.00
24 6.00
30 6.00
36 6.00
42 8.00
48 8.00
54 8.00
60 8.00
66 11.00
72 11.00
78 11.00
84 11.00
Total 100.00
The annual interest rate is LIBOR + 4.10. Payable within 3 months. Term Loan US150 million
On November 21, 2011, the Company obtained a term loan credit facility of up to US150.0 million from several local and foreign banks. The loan balances as of 30 June 2013, were as follow:
