Waskita Karya restructures its subsidiary’s debts in BTN

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Waskita Karya restructures its subsidiary’s debts in BTN

JAKARTA – PT Waskita Karya (Persero) Tbk (WSKT) restructures debts of its subsidiary, PT Waskita Karya Realty (WKR) in PT Bank Tabungan Negara (Persero) Tbk (BBTN). The relaxation includes modifying the credit limit, the interest rate, and the debt payment due date.

Novianto Ari Nugroho, Senior Vice President (SVP) Corporate Secretary of Waskita Karya, mentioned that the company had signed the second addendum of the credit agreement last week (27/4). The credit ceiling is reduced from IDR 225 billion to IDR 190 billion, while the due date is extended 24 months longer from November 23, 2023, to November 23, 2025. The interest rate is changed from 8.75% per year to 9.50% per year. “Addendum II of the credt agreement will support the financial restructuring process and the business continuity of the company,” he stated in the information disclosure quoted Wednesday (5/4).

The restructuring process will be applied to the credit facility worth IDR 300 billion signed between the company and BTN on May 29, 2017. Prior to this addendum II, WSKT signed the addendum I (restructuring) mentioning the credit ceiling of IDR 225 billion, and due date extension from May 29, 2022, to November 23, 2023, alongside the interest rate of 9.50% per annum.

According to Nugroho, the smaller credit facility interest rate in the addendum II asks for 60% of sales of bank’s apartment ownership credit. “The restructured credit limit is possible after the payment channelled from WKR to BTN,” he clarified. (LK/ZH)

Source: idnfinancials.com.sg May 4, 2022