HONG KONG, Oct 26 (Reuters) - Indonesia’s CT Corp is seeking an around $750 million bridge loan to fund the purchase of the 60 percent stake that it does not already own in Carrefour SA’s Indonesian unit, Basis Point reported on Friday.
Many banks are putting forward proposals for the bridge, which could be taken out through several options, including a bond, a term loan and an equity offering, said the report, citing sources.
Reuters reported in July that the Indonesian conglomerate, with banking and media interests, was in talks with Carrefour to increase its stake in the French retailer’s local unit.
CT Corp, formerly known as Para Group, bought a 40 percent stake in Carrefour’s Indonesian unit for $350 million in early 2010. It had raised $350 million through an 18-month bridge loan to fund that purchase.
Carrefour, the world’s second-biggest retailer, is exiting non-strategic markets as new Chief Executive Georges Plassat raises cash to focus on reviving core European operations after years of underperformance.
A Carrefour spokeswoman declined to comment, while CT Corp officials were not available for immediate comments. (Reporting by Prakash Chakravarti of IFR/LPC; Additional reporting by Janeman Latul and James Regan; Writing by Denny Thomas; Editing by Muralikumar Anantharaman)