Bakrie Investindo secures $135m floating rate notes<\/p>\n
JAKARTA (JP): PT Bakrie Investindo secured yesterday floating
\nrate notes worth US$135 million (Rp 324.11 billion) with an
\ninterest of three percent above the London Interbank Offered Rate
\n(LIBOR).<\/p>\n
Bakrie group chairman Aburizal Bakrie said the loan would be
\nused to refinance short term loans which had matured, and to
\nfinance current and long term projects.<\/p>\n
"The notes will mature in 2001," Aburizal said yesterday after
\nthe floating rate notes signing ceremony.<\/p>\n
The notes were arranged by Sumitomo Finance (Asia) Limited.
\nOther banks in the consortium were Bank Internasional Indonesia,
\nBear Stearns Asia Limited, Credit Lyonnais, Dong Ah Securities
\nLtd, Natwest Markets, Overseas Union Bank Limited and the Hong
\nKong branch of Union Bank of Switzerland.<\/p>\n
Aburizal said his company would also secure a medium term note
\nworth more than $100 million in the next few months, but he
\ndeclined to give further details.<\/p>\n
Bakrie Investindo secured funds from exchangeable bond I worth
\nUS$67 million in June 1995, exchangeable bond II worth $54
\nmillion in November 1995, floating rate notes worth $100 million
\nin July 1996 and Eurobond worth $50 million in December 1996, he
\nsaid.<\/p>\n
Bakrie Investindo is a Bakrie group holding company engaged in
\nproperty, electronic media, mining and strategic investment
\nbusiness.<\/p>\n
Bakrie Investindo, which owns a 46.27 percent stake in PT
\nBakrie and Brothers and 41.42 percent of PT Bakrie Finance
\nCorporation, is currently developing property projects including
\nTaman Rasuna Apartments in Kuningan, South Jakarta; Bali Nirwana
\nResort in Denpasar, Bali; and Kalianda tourism resort in Lampung,
\nSumatra in cooperation with Lampung provincial administration.<\/p>\n
Bakrie Investindo set up PT Krakatau Lampung Tourism
\nDevelopment Corporation in cooperation with Lampung provincial
\nadministration in May to develop a 340-hectare tourism resort
\nwith a total investment of $50 million.<\/p>\n
The firm is 90 percent owned by Bakrie Investindo and 10
\npercent by the Lampung administration.<\/p>\n
The resort will be developed in two stages, the first will
\nbuild infrastructure and the second will build tourist facilities
\non 145 hectares.<\/p>\n
Bakrie Investindo through PT Bakrie Motor also plans to launch
\na minivan in December with a retail price of between Rp 65
\nmillion and Rp 70 million.<\/p>\n
Bakrie Motor has invested about $100 million in the car
\nproject. (aly)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/bakrie-investindo-secures-135m-floating-rate-notes-1447893297",
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