JAKARTA - PT Barito Renewables Energy Tbk (BREN) will pay off its financial obligations to Bangkok Bank Public Company Limited using the proceeds of initial public offering (IPO) of 4.01 billion shares. With the offering price of IDR 780 per share, this corporate action is targeted to raise IDR 3.13 trillion.

Based on prospectus quoted Monday (9/10), most of those financial obligations in question are in the form of Facility B owed to Bangkok Bank of 127.83 million, followed by other owed to Star Energy Oil and Gas Pte Lt (SEOG) of USD 66.5 million, and down payment return to BREN of USD 6 million.

The term facility to Bangkok Bank is known to reach USD 655 million, consisting of Facility A of USD 110 million and Facility B of USD 545 million. The existing loan reportedly reached USD 545 million, with an interest rate of 4% above LIBOR in June 2023. It is due for repayment on December 13, 2027.

This facility is reportedly utilised to acquire 50% of DGA SEG BV (DGAS), as well as 100% of Phoenix Power B.V.’s shares in Star Energy Geothermal Pte Ltd (SEGPL) and Star Energy Geothermal Netherlands BV (SEGNBV). Approximately USD 160.5 million of said facility had been withdraws on December 13, 2022, followed by USD 489.95 million on December 20, 2022, and USD 4.55 million on February 21, 2023. The total outstanding debts owed in Facility B to Bangkok Bank will reach USD 417.16 million.

BREN is known to have recently debuted on Indonesia Stock Exchange (IDX) through public offering on October 3-5, 2023, followed by the listing on IDX today (9/10). The assigned underwriters are PT BNI Sekuritas (lead) and PT OCBC Sekuritas Indonesia. (LK/ZH)