Bank Mandiri details Rp40 trillion Jhonlin credit facility and collateral
The bank says Rp17 trillion has been drawn, with JARR and PGUN shares serving as additional security rather than the main source of repayment.
Bank Mandiri has set a Rp40 trillion credit limit for PT Jhonlin Baratama, of which Rp17 trillion has been used, corporate secretary Adhika Vista said in an October 26, 2026 disclosure to the Indonesia Stock Exchange. The bank said its lending assessment considered the borrower’s repayment capacity and included collateral risk controls.
The facility supports the development of the company and Jhonlin Group’s coal operations and related businesses, including capital expenditure and group financing needs. Mandiri said it assessed business prospects, financial performance and the borrower’s ability to contribute its own funding.
For its repayment assessment, the bank counted only cash flows from Jhonlin Group’s existing coal businesses. It identified company operations and dividends from several operating subsidiaries as the main repayment sources. Mandiri judged the borrower capable of meeting all obligations and tested its assessment against changes in coal prices and production levels.
Shares in PT Jhonlin Agro Raya Tbk (JARR) and PT Pradiksi Gunatama Tbk (PGUN) provide additional collateral. Adhika said their valuation was conservative and followed Article 4 of POJK Number 40/POJK.03/2017 and internal policies. The shares serve as a secondary repayment source, supplementing cash generated by the borrower and its group.
Mandiri said the facility’s total collateral coverage ratio remained at 150 per cent, using the lowest intraday prices of JARR and PGUN shares over the preceding month. That ratio covers all security pledged for the facility, not just the shares.
According to Adhika, the credit agreement requires additional collateral or a reduction in outstanding borrowing beyond scheduled principal repayments if collateral coverage requirements are not met.
