Bimantara secures $45 million loan<\/p>\n
JAKARTA (JP): PT Bimantara Citra, a publicly-listed
\nconglomerate controlled by President Soeharto's second son
\nBambang Trihatmodjo, yesterday signed a three-year international
\nsyndicated loan of US$45 million.<\/p>\n
Bimantara's finance director, Kadir Assegaf, said after the
\nsigning ceremony that the loan will be used to repay part of the
\ncompany's working capital loans.<\/p>\n
He declined to say which of the company's loans would be
\nrepaid, saying only that \"it's a moral obligation not to name the
\nbanks which set higher interest rates on their lending.\"<\/p>\n
Kadir said the interest rate on yesterday's loan is set at 1.9
\npoints above the one-year London Inter-bank Offered Rate (LIBOR),
\nwhich is considered low-cost for the company.<\/p>\n
\"It's also interesting that the new loan has been made without
\ncollateral -- otherwise known as a \"clean loan\" -- because those
\nbanks are confident of Bimantara's performance,\" Kadir added.<\/p>\n
International syndication usually requires collateral in the
\nform of shares, fixed assets or shareholder guarantees.<\/p>\n
Kadir added that a strong cash flow position and prospective
\nprofitability positioned Bimantara well in obtaining the loan.<\/p>\n
He said that the syndication is made up of 11 international
\nbanks led by the Singapore branch of Banque Paribas.<\/p>\n
The other ten syndication banks are the Singapore branch of
\nBHF-Bank Aktiengessellschaft, Bayerische Landesbank Girozentrale,
\nHua Nan Commercial Bank, Malayan Banking Berhad,
\nAmerican Express Bank Ltd., Central Trust of China-Offshore
\nBanking Branch, Chinatrust Commercial Bank, E.Sun Commercial
\nBank, Ta Chong Bank and Tat Lee Bank. (alo)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/bimantara-secures-45-million-loan-1447893297",
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