Astra Int'l gets $200 million loan

JAKARTA (JP): PT Astra International, one of the largest business groups in Indonesia, received US$200 million in a syndicated revolving credit facility from 21 international banks under an agreement signed in Singapore yesterday.

Astra's Senior Manager for Public Relations Aminuddin said yesterday the interest rate on the five-year loan will float at 1.5 percent above the Singapore Inter-bank Offered Rate.

"The syndicated loan was oversubscribed by 22.50 percent as the participating banks actually committed a total of $245 million," Aminuddin added.

The credit facility was arranged by the Singapore branches of Fuji Bank Ltd., Long-Term Credit Bank of Japan, Sanwa Bank and Sumitomo Bank with 17 other international banks participating as coarrangers.

"The loan will be invested in further developing Astra's financial services, agribusiness and telecommunications operations," Aminuddin said.

Astra reported Rp 6.28 trillion ($2.88 billion) in net sales turnover for the first three quarters of this year, up 52.8 percent from the same period last year.

"Our net profits for the nine months totaled Rp 186.97 billion, up significantly from Rp 102 billion in the corresponding period of last year, while our assets as of September increased to Rp 9.53 trillion," he added.

He said the impressive growth was attributed mainly to the marked increase in the sales of automobiles and motorbikes-- Astra's main business. (vin)