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View all search resultsKrakatau Steel pays back Rp 2.7t worth of Tranche B debt after restructuring
With support from all stakeholders, Krakatau Steel paid its Tranche B debt settlement obligation of Rp 2.7 trillion (US$189.38 million) on Dec. 24.
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Krakatau Steel advances its performance with support from all parties, especially the State-Owned Enterprises Ministry.
W
ith support from all stakeholders, Krakatau Steel paid its Tranche B debt settlement obligation of Rp 2.7 trillion (US$189.38 million) on Dec. 24. Therefore, Krakatau Steel has fulfilled its $200 million working capital bridging loan (WCBL) to three state-owned banks, namely PT Bank Mandiri (Persero) Tbk, PT Bank Rakyat Indonesia (Persero) Tbk and PT Bank Negara Indonesia (Persero) Tbk.
In January 2020, after signing a restructuring agreement, Krakatau Steel covered a total debt of $30.4 million comprising of $17.4 million in Tranche A debt from the restructuring agreement and $13 million from Commerzbank debt installments.
By the end of 2021, Krakatau Steel will have paid Rp 3.2 trillion in debt.
Krakatau Steel finance director Tardi explained that the company had made transfers worth $200 million in credit facilities due in December. Krakatau Steel made the payments following a restructuring credit agreement.
“We pulled out funds from our internal cash flow to cover the debt. It was made possible with Krakatau Steel’s improving performance after restructuring,” Tardi added.
Tardi also assured that Krakatau Steel was optimistic about its future advancements, thanks to the support of the State-Owned Enterprises Ministry (SOE).
