KUALA LUMPUR (Oct 11): Bumi Armada Bhd’s wholly owned unit Bumi Armada Holdings Labuan Ltd (BAHLL) has secured a syndicated term loan facility of US$105.5 million.

The loan has a final maturity date of Sept 25, 2028, Bumi Armada said in a bourse filing on Wednesday. It will be used to refinance Tranche 2 of the group’s existing US$660 million facility, which matures in May next year.

“We are pleased that we repaid a significant amount of the existing facility over recent years. We are equally delighted to have secured the new term loan facility, which demonstrates continuing strong support from our financiers,” said Bumi Armada chief executive officer Gary Christenson.

In April 2019, the offshore energy facilities and services provider said it had taken steps to refinance its short term loans of US$380 million and revolving credit facilities of US$280 million into a single facility with two tranches.

The facility consists of Tranche 1 of US$260 million, which matured on Nov 23, 2022, while Tranche 2 of US$400 million matured in May 2024.

As of June 30, Bumi Armada’s short-term borrowings stood at RM1.41 billion, while long-term borrowings were RM3.41 billion.

At Wednesday’s noon break, Bumi Armada’s share price slipped half a sen or 0.91% at 54.5 sen. At the current price, the group was valued at RM3.23 billion.

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Bumi Armada refinances short-term loans worth US$660m