JAKARTA, June 18, 2020 - (ACN Newswire) - Wintermar Offshore Marine (WINS:JK) has successfully concluded an agreement with IFC and DEG to reschedule US$29 million of debt, deferring US$15.6 million in principal installments for 2020 and 2021.
Wintermar has concluded a rescheduling agreement with two major lenders, the International Finance Corporation (IFC) and Deutsche Investitions- und Entwicklungsgesellschaft (DEG), a development finance institution and a subsidiary of KfW Group. As a result of this rescheduling, US$ 29 million of debt which was originally due to mature between 15 March 2021 to 15 December 2022 has been extended to 15 December 2025. In the amendment letter dated 17 June 2020, the repayment schedule has been amended to match the new projected cash flow of the Company, resulting in reduction of principal payments by US$3.6 million in 2020 and US$12 million in 2021. The loans covered under this agreement comprise 56% of the total bank loans of the Company.
Sugiman Layanto, Managing Director, said, "We are very pleased to conclude this rescheduling which has significantly improved the liquidity profile of the Company in the next two years, allowing the Company a higher degree of confidence to navigate through the uncertainty that COVID-19 has created. We highly value the good relationship we enjoy with IFC and DEG, who have supported us since we were listed. Their belief in our long-term sustainability and support for our rescheduling has placed the Company in a strong position to weather this critical time. We are grateful for their support."
The Lenders, IFC and DEG, have worked with Wintermar since 2011, and over the years, have played a key role in helping the Company strengthen our Corporate Governance framework, as well as keeping the Company accountable on Environmental and sustainability aspects.
"IFC remains committed to helping its clients navigate through challenging times. We recognize Wintermar's commitment to governance and compliance in sustainability issues and believe that the rescheduling would provide additional flexibility to the company in managing the current crisis," stated Mr. Azam Khan, IFC Country Manager for Indonesia, Malaysia, and Timor Leste.
Mr Heribert Puetz, representing DEG, said: "We are pleased to support Wintermar with this restructuring, and recognize the efforts that Wintermar has made to create skilled jobs and raise the bar in Indonesia for sustainability issues."
Contracts on hand as at end May 2020 amount to US$74.65 million.
Ms. Pek Swan Layanto, CFA
PT Wintermar Offshore Marine Tbk
Tel: +62-21 530 5201 Ext 401
Topic: Loans & Financing
Source: Wintermar Offshore Marine Group
Sectors: Marine & Offshore
From the Asia Corporate News Network
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