Singapore's Bumitama Agri to refinance notes via $150 million loans

By Susanna Moon

Chicago, Jan. 11 – Bumitama Agri Ltd. said it plans to refinance notes issued under its Islamic medium-term note program using proceeds of $150 million of term loan facilities.

Bumitama has entered into bilateral facility agreements with DBS Bank Ltd, Oversea-Chinese Banking Corp. Ltd. and Sumitomo Mitsui Banking Corp., Singapore Branch as lenders, according to an announcement.

Proceeds will also be used to fund the issuer’s general corporate purposes, including capital expenditure and working capital requirements.

The company said that under the facility agreements, it would constitute a change of control if Lim Hariyanto Wijaya Sarwono, Lim Gunawan Hariyanto and IOI Corp. Bhd. each a controlling shareholder of the company, together cease to hold more than 50% of the issued share capital, the release noted.

Bumitama Agri is a Singapore-based palm oil and palm kernel producer with plantations in Indonesia.

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