Indonesia’s Chandra Asri Pacific (TPIA.JK), opens new tab said on Monday it has secured a bespoke $750 million financing package from investment firm KKR (KKR.N), opens new tab to support its purchase of ExxonMobil’s (XOM.N), opens new tab Esso-branded retail fuel station network in Singapore.
Late October, the Indonesian conglomerate said it planned to retain the Esso branding, continue sourcing fuel from ExxonMobil, and integrate the existing workforce into its operations.
Until now, Chandra Asri had not revealed financial details of the transaction, which includes nearly 60 fuel stations along with associated supply agreements.
The financing solution will be arranged by KKR Capital Markets and anchored by KKR’s private credit and insurance platforms, the investment firm said in a statement.
“This transaction aligns with our focus on providing tailored capital solutions to leading companies across Asia Pacific, and we look forward to supporting Chandra Asri’s continued growth as it strengthens its downstream energy and retail presence in Singapore,” said SJ Lim, managing director and head of Asia private credit at KKR.
Shares of Chandra Asri were up 1.1% at 7,075 rupiah. The stock has roughly lost around 6% so far this year, with the firm having a market capitalization of $36.22 billion.
Source: Reuters