JAKARTA. PT Petrosea Tbk (PTRO) has recently signed a Senior Secured Term Loan Facility with PT Bank Mandiri (Persero) Tbk (BMRI) as its mandatory lead arranger & bookrunner.

Anto Broto, Corporate Secretary of PTRO, claimed that the recently acquired facility consists of a loan facility in US Dollar worth USD 91.5 million, or approximately IDR 1.39 trillion, as well as in Indonesia Rupiah worth IDR 1.45 trillion.

Said loan facility, Broto added, will be utilised to support the company’s core business, which is mining. “It is in order to fund the business expansion through acquisition and investment on mining assets, as well as improving the company’s working capital,” he further explained in the official disclosure.

According to IDNFinancials data, PTRO has prepared diversification strategy, as well as business expansion. In order to promote this strategy, the company has reportedly increased its capital expenditure (capex) budget by 30% from 2022.

At the end of 2022, PTRO managed to secure contracts worth USD 1.6 billion in total, equivalent to approximately IDR 24.8 trillion. (KR/ZH)