Sritex in Indonesia seeks $ 275 million loan facility


SINGAPORE: Indonesian clothing company PT Sri Rejeki Isman plans to offer revival of working capital facilities through revolving loan amounting to US $ 275 million (RM 1.14 billion) during ‘a meeting of creditors.

The guaranteed working capital revolver would help the Jakarta-listed company known as Sritex with raw material sourcing and reduce the need to make advance cash payments to its raw material suppliers, according to a proposal list of conditions dated November 5 which was consulted. via a link in a repository at the Singapore exchange.

Sritex would offer the total liabilities under the revolver to eligible participating holders in proportion to the outstanding principal of their bilateral loans and / or syndicated loans, according to the term sheet.

Interest in the revolver would accrue at varying rates, depending on the original currency of the participating holders’ exposure, either rupees, US dollars or euros. The facility would be effective for a period of five years.

The guaranteed working capital revolver is said to be part of the Sritex Group’s proposed debt settlement, worth $ 1.4 billion (RM 5.82 billion), according to the document. In addition to the gun, Sritex is also reportedly seeking a nine-year guaranteed term loan of US $ 350 million (RM 1.46 billion).

A meeting of creditors to discuss the list of conditions is set for Nov. 12, according to the filing. – Bloomberg

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