Astra Sedaya prepays debts

Astra Sedaya prepays debts

HONG KONG (Dow Jones): Indonesian auto finance company PT Astra Sedaya Finance has repaid its foreign currency debt in full, before maturity and without debt restructuring, making it the first and only Indonesian finance company to do so, shareholder GE Capital Asia Pacific said.

Wednesday marks the finance company's final $50.5 million prepayment of its total paid obligations of $202.5 million. The debt came under the company's $233 million syndicated revolving credit facility due to mature on Feb. 22.

The bank syndicate comprised 29 international commercial banks from the U.S., Japan, Europe, Australia and Asia. Chase Manhattan was the facility agent.

Earlier this year, some of the finance company's bankers tried to force it into default.

ASF is the largest consumer finance company in Indonesia, and is owned 47 percent by GE Capital Corp. PT Astra International, which claims a 50 percent market share in the Indonesian car market, owns 53 percent of the finance company.