JAKARTA. PT Agung Podomoro Land Tbk (APLN) has withdrawn a credit facility of IDR 1.8 trillion, which was provided by PT Bank Danamon Tbk (BDMN).

According to the credit agreement deed signed by APLN and BDMN on July 7, 2023, the credit facility can be changed, added to, increased to extended by changing the agreement.

Cesar M. Dela Cruz, Director of APLN, said that the credit facility was withdrawn in the context of an offer to buy in cash the Senior Notes of APL Realty Holdings Pte. Ltd. which will mature in 2024. "Up to the total principal amount which will be determined based on the absolute policy or decision of the company," said Cruz, in his official statement.

For the record, the credit facility received from BDMN is collateralized by a number of assets owned by APLN. Some of them are certificates of ownership of flats in the name of PT Tiara Metropolitan Indah at Mall Neo Soho, then certificates of ownership of office buildings owned by the company in West Jakarta, and building use rights over land owned by PT Karya Pratama Propertindo in Gianyar, Bali.

Apart from being funded by a credit facility, the buyback of senior notes will also use the company's internal funds. Especially the funds that come from the sale of a number of assets of the company and its subsidiaries. (KR/LM)