Dayabumi pays up

Dayabumi Salak Pratama, a 165MW independent geothermal power project on the Indonesian island of Java has made the first amortizing payment of its $150 million senior secured notes - but only just.

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 5050 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.

The payment of the notes was due on 30 June....

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