Dayabumi pays up

Dayabumi Salak Pratama has made its first principal amortizing payment of its outstanding $150 million bond issue, but only by the skin of its teeth. The company is a 50/50 joint venture between Unocal Geothermal of the US and PT Nusamba of Indonesia. The project sells geothermal energy and electricity to Indonesian state energy companies Pertamina and Perusahan Lisktrik Negara (PLN). Under the terms of the power offtake agreement, Dayabumi invoices Pertamina for electricity which is then sold into PLN's transmission grid. Pertamina then invoices PLN for the power. Dayabumi also sells steam to three PLN geothermal power plants.