Trakindo Utama receives $120m credit facility<\/p>\n
JAKARTA (JP): PT Trakindo Utama, a dealer of heavy equipment
\nin Indonesia, has obtained a US$120 million credit facility, to
\nrepay its debts and to strengthen its working capital.<\/p>\n
The company said in a statement yesterday that the credit
\nfacility was arranged jointly by BZW Asia Limited, Chemical
\nSecurities Ltd. and the Singapore branches of Mitsubishi Bank
\nLtd. and Sanwa Bank Ltd.<\/p>\n
They stated that the facility, which was launched on Oct. 2,
\nwas over-subscribed and 27 banks, including the arrangers,
\ncommitted $197 million. Therefore, the company increased the
\nfacility from the originally intended amount of $100 million to
\n$120 million.<\/p>\n
The four arrangers will each allocate US$7.5 million to
\nfinance the credit facility.<\/p>\n
The co-arrangers -- consisting of the Singapore branches of
\nABN-AMRO Bank N.V., Societe Generale and Westpac Banking Corp. --
\nwill each allocate $5.5 million.<\/p>\n
The other participating banks include the Singapore branches
\nof Commerzbank Aktiengesellschaft, Credit Suisse, Dai-Ichi Kangyo
\nBank Ltd., the Mitsubishi Trust and Banking Corp., and NatWest
\nMarkets.<\/p>\n
They stated that the signing ceremony for the credit facility
\ntook place on Tuesday in Singapore.<\/p>\n
The credit facility initially comprised of a $60 million term
\nloan facility, which will be used to refinance Trakindo's debts
\nfrom its acquisition of PT Standard Chartered Leasing, and a $40
\nmillion revolving credit facility for working capital.<\/p>\n
The credit will have a three-year lifetime and a direct lender
\nspread of 1.40 percent per annum over the Singapore Inter Bank
\nOffered Rate.<\/p>\n
Trakindo Utama is the sole dealer of Caterpillar heavy
\nequipment in Indonesia and the third largest Caterpillar dealer
\nworldwide.<\/p>\n
The company has 40 percent of the Indonesian heavy equipment
\nmarket and has established 39 branches throughout the country.
\n(pwn)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/trakindo-utama-receives-120m-credit-facility-1447893297",
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"sponsor": "Okusi Associates",
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