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CORPORATE STRATEGIC - JAKARTA. PT Medco Energi Internasional Tbk (MEDC) signed a Term Loan II facility agreement with PT Bank Mandiri (Persero) Tbk on September 14, 2023. The principal loan amount in this credit agreement is Rp 5.25 trillion. It is due on June 23, 2028.
MEDC's Corporate Secretary, Siendy K. Wisandana, explained that the purpose of this loan is to finance obligations in the form of bonds, including in US dollars and rupiah.
“This event will cause a material increase in financial obligations,” Siendy wrote in her letter to the Financial Services Authority as published on the BEI's information disclosure page, Monday (18/9).
Quoting the company's interim (unaudited) financial report as of March 31, 2023, MEDC has short-term liabilities in the form of rupiah bonds worth USD 33.15 million, and long-term liabilities in the form of rupiah bonds of USD 456.33 million and US dollar bonds USD 1.70 billion as of March 31, 2023.
In detail, the rupiah bonds (short and long term) consist of Continuous Rupiah Bonds II Stage III USD 1.52 million and Stage IV USD 464,746, Continuous Rupiah Bonds III Stage II USD 3.15 million and Stage III USD 31.62 million, Continuous Rupiah Bonds IV Stage I USD 66.39 million, Stage II USD 66.39 million, Stage III USD 199.17 million, Rupiah Bonds I USD 21.31 million, Sukuk Wakalah Rupiah I USD 27.68 million, Sukuk Wakalah Rupiah II USD 1.14 million, and Continuous Sukuk Wakalah I Stage I USD 33.19 million and Stage II USD 39.83 million.
Meanwhile, MEDC's dollar bonds as of March 31, 2023, consist of US dollar bonds issued on January 20, 2018, amounting to USD 235.39 million, issued on May 14, 2019, USD 533.60 million, issued on January 30, 2020, USD 590.09 million, and issued on November 12, 2021, USD 384.80 million.
On the other hand, MEDC's total assets as of March 31, 2023, amounted to USD 6.83 billion, consisting of equity of USD 1.85 million and liabilities of USD 4.98 million. Thus, according to Kontan.co.id's rough calculation, MEDC's debt-to-equity ratio was 2.69x as of March 31, 2023.
As of this writing, MEDC has not yet released its interim financial report for the June 2023 period.
Just a note, MEDC's continuous bond V Medco Energi Internasional stage I in 2023 was worth IDR 1 trillion in June 2023. This continuous public offering targets funds with a total value of IDR 5 trillion.
