ALatieF gets $60m loan

ALatieF gets $60m loan

HONG KONG (Reuter): PT ALatieF P&O Port Development Co (APPDC) has completed a US$60 million term loan facility with six financial institutions, arranger HSBC Investment Bank's Singapore branch said yesterday.

The borrower APPDC is a joint venture company between P&O Australia, which is wholly owned by the Peninsular & Oriental Steam Navigation Co and PT ALatieF Nusakarya Corp.

The facility is guaranteed by PT Freeport Indonesia (PTFI), which operates extensive copper and gold mining operations at the Grasberg mine in Irian Jaya, Indonesia.

The loan has a maturity of five years and can be extended to eight years. It pays a margin of 90 basis points over the Singapore Interbank Offered Rate.

Proceeds of the facility will be used to refinance the borrower's existing bank borrowings.

CBA Asia, Hongkong and Shanghai Banking Corp's Jakarta branch, First National Bank of Chicago, National Westminster Bank's Singapore branch, PT IBJ Indonesia Bank and Royal Bank of Scotland's Singapore branch participated in the facility.