Astra to borrow $120m, Rp 600b

Sat, 18 Sep 2004 | Source: AP

JAKARTA: PT Astra International, Indonesia's biggest automobile distributor, said it's borrowing US$120 million and Rp 600 billion ($66.4 million) in a dual-currency loan from six lenders.

The three-year loan charges 2.5 percent a year more than the Singapore inter-bank overnight rate for U.S. dollars, Astra said in a statement.

ABN Amro Holding NV, BNP Paribas, Citigroup Inc.'s Citigroup Global Markets Asia Ltd., HSBC Holdings Plc's Hongkong and Shanghai Banking Corp. Ltd., Standard Chartered Plc and Sumitomo Mitsui Banking Corp. are arranging the loan.

Astra International, almost 42 percent owned by Singapore- based Jardine Cycle & Carriage Ltd., said earlier this week that it would pay ahead of schedule $122 million of debt due at the end of this month. That would leave it with $125 million of debt maturing on June 30, 2006, it planned to re-finance. --Bloomberg

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