R.E.A. Holdings plc: Update re financing and certain other matters (1251797)
25 Novembre 2021 - 8:00AM
UK Regulatory
R.E.A. Holdings plc (RE.) R.E.A. Holdings plc: Update re
financing and certain other matters 25-Nov-2021 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR),
transmitted by EQS Group. The issuer is solely responsible for the
content of this announcement.
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R.E.A. Holdings plc ("REA" or the "company")
REA is pleased to announce successful conclusion of the group's
previously reported discussions with its Indonesian bankers, PT
Bank Mandiri (Persero) Tbk ("Mandiri"), regarding facilities
provided by Mandiri to REA's subsidiaries, PT Sasana Yudha Bhakti
("SYB") and PT Kutai Mitra Sejahtera ("KMS"). This has resulted in
an agreement that the existing Indonesian rupiah denominated loans
made by Mandiri to SYB and KMS will be repaid and will be replaced
by new Indonesian rupiah denominated loans. In addition, Mandiri
will provide an Indonesian rupiah denominated working capital
facility to SYB. Completion of this agreement remains subject to
satisfaction of certain technical conditions but is expected to
occur within weeks.
The outstanding principal amounts of the existing Mandiri loans
to SYB and KMS are, respectively, Rp 331 billion (USD23.2 million)
repayable over 5 years and Rp 123 billion (USD8.6 million)
repayable over 1 year, while the replacement loans will amount to
Rp 555 billion (USD38.9 million) and Rp 365 billion (USD25.6
million), both repayable over eight years. The new SYB working
capital facility will amount to Rp 15 billion (USD1.1 million) and
will be renewable annually. Security for the new loans and working
capital facility will be similar to that for the existing loans
(and will include continuing guarantees from REA). The interest
rate on the new loans and working capital borrowings will be 8.75
percent (against the rate of 9.75 percent payable on the existing
Mandiri loans to SYB and KMS, such rate having been reduced from,
respectively, 11.25 and 11.5 percent from 1 October).
Following completion of the above arrangements with Mandiri, REA
intends to initiate discussions with holders of its 7.5 per cent
dollar notes 2022 with a view to seeking the holders' agreement to
extend the maturity date of the notes by four years, but on terms
that the group will be willing to repurchase, on the existing
maturity date of 30 June 2022, notes held by those holders who do
not wish to retain their notes for the extended period. It would
then be the group's intention, over time, to sell back to investors
any notes so repurchased.
The recent recommencement of coal mining operations at PT Indo
Pancadasa Agrotama ("IPA") encourages an expectation of significant
near term recovery of loans made by the group to IPA, but the
validity of that expectation can be better evaluated when IPA
completes the first sale of coal from the recommenced operations.
This is expected to occur before the end of the current year.
As already announced, REA will pay a dividend of 5½p per share
on the company's preference shares on 31 December 2021. The 5½p
will comprise 1p per share of arrears of dividend plus the 4½p of
dividend accruing on 31 December 2021. REA intends that, in
addition to the normal dividends (totalling 9p per share) accruing
in respect of the preference shares during 2022, the company will
pay not less than 10p per share of dividend arrears on the shares
(amounting to 17p per share after payment of 1p of arrears on 31
December 2021) by no later than 31 December 2022. REA plans to
increase this amount if expectations regarding recovery of the
loans to IPA are confirmed, the group's oil palm operations
continue to perform satisfactorily, and the group retains a
substantial proportion of the existing dollar note funding for the
proposed extension period.
Enquiries:
R.E.A Holdings plc
Tel: 020 7436 7877
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ISIN: GB0002349065
Category Code: MSCH
TIDM: RE.
LEI Code: 213800YXL94R94RYG150
Sequence No.: 127620
EQS News ID: 1251797
End of Announcement EQS News Service
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