Pertamina mandates Citi for shipping finance loan

New deal for three tankers sees Pertamina come to the market in its own name.

Citigroup has been appointed by Indonesia oil and gas company Pertamina to arrange and underwrite an acquisition finance loan for the purchase of three crude oil tankers. The deal will be an export credit agency backed loan with a tenor of eight years and a size of around $100 million.

This is the first time that Pertamina has gone to the international dollar market as a stand-alone corporate credit. Its previous forays in international markets have been on a project basis with no recourse to the parent. Pertamna's CFO, Ainun Na'im, confirmed that the mandate had been awarded and was looking to close the deal within one month.

He further...

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