Indocement minority shareholders approve debt-refinancing scheme, Indonesia

Indocement minority shareholders approve debt-refinancing scheme, Indonesia
Published: 23 February 2005

PT Indocement Tunggal Prakarsa’s minority shareholders approved the cement producer’s debt-refinancing scheme worth  US$150m, the company said in a statement.  

Last month, the company had said the refinancing scheme will reduce by more than US$35m a year the debt repayment for the period between April 2005 and Jan 2008 from the original annual mandatory amount under the Master Facilities Agreement (MFA).  

The MFA was signed in 2000 to restructure Indocement’s debts worth  US$1.1bn.  

Under the refinancing scheme, HeidelbergCement Finance BV (HC Finance), a wholly-owned unit of Indocement parent group HeidelbergCement, will purchase US$150m worth of Indocement’s debts from MFA creditors.