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.