State oil and gas firm Pertamina has today secured a syndicated loan worth US$600 million from eight international banks. Bank Mandiri and Japan’s Mitsubishi UFJ Financial Group (MUFG) acted as co-mandated lead arrangers. Bank Mandiri alone is to secure the lion’s share of US$100 million of the syndicated loan. The loan syndication was signed in Hong Kong on Thursday, Bank Mandiri announced.

The loan facility will be used to support Pertamina’s overseas business unit, Maurel & Prom, which was acquired by the company early last year, repaying a Revolving Credit Facility (RCF) and a shareholder loan, as well as financing the redemption of outstanding Maurel & Prom’s ORNANE 2019 and ORNANE 2021 convertible bonds, held by PT Pertamina International EP (PIEP).