JAKARTA - PT Medco Energi Internasional Tbk (IDX:MEDC) has secured a Term Loan II credit facility amounting to IDR 5.25 trillion from PT Bank Mandiri (Persero) Tbk (IDX:BMRI). The agreement was signed on September 14, 2023, and the loan is due to mature by June 23, 2028.
Siendy K. Wisandana, Corporate Secretary of MEDC, stated that the credit facility will increase the company's financial obligations but is necessary for refinancing existing obligations in the form of bonds issued in USD and IDR.
As of March 31, 2023, MEDC's long-term liabilities were recorded at USD 3.75 billion, with short-term liabilities in the form of rupiah bonds worth USD 33.15 million and long-term liabilities in the form of rupiah bonds of USD 456.33 million and US dollar bonds USD 1.70 billion. The long-term loans maturing within one year were seen at USD 310 million, approximately USD 273 million of which are bank loans due for repayment within a year.
The company's total assets as of March 31, 2023, amounted to USD 6.83 billion, consisting of equity of USD 1.85 million and liabilities of USD 4.98 million. This puts MEDC's debt-to-equity ratio at approximately 2.69x as of March 31, 2023.
In June 2023, MEDC issued a continuous bond V Medco Energi Internasional stage I worth IDR 1 trillion. This continuous public offering targets funds with a total value of IDR 5 trillion.
As of this writing, MEDC has not yet released its interim financial report for the June 2023 period.
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